Piaggio Aerospace gets financing from Banca Ifis for 30 million euros
After the final
green light received from the Ministry of Economic Development and the approval
of the Supervisory Committee, Piaggio
Aerospace and Banca Ifis have now
signed a contract for a financing - in the form of an advance on contracts and
factoring operations - for a total amount of 30 million euros.
"The
agreement, reached at the end of a process that has initially involved other
public and private financial institutions, will now allow Piaggio Aero Industries and Piaggio Aviation - the
two companies in extraordinary administration that operate under the Piaggio Aerospace brand - to be fully operational", the Extraordinary
Commissioner Vincenzo Nicastro said,
"thus gradually recalling the workers still in temporary layoffs. The
sales process can also be now completed”, he added.
"For Banca
Ifis, after a line of credit granted in 2019 for the sale of tax credits, this
is the second transaction with the aviation group, in support not only of its production
activities but also of the local communities in which the company operates and,
above all, employment”, Luciano Colombini, CEO of Banca Ifis commented.
"Our institute, for over thirty years, has in fact been working alongside
Italian companies and entrepreneurs, integrating business strategy and
sustainability, to create value in the medium and long term".
Nicastro -
appointed by the Italian Government in December 2018 - recently launched an
international tender for the sale of the business complexes of the two
companies: 19 entities from all over the world originally submitted their
invitation of interest, 11 of which were subsequently admitted to the data
room. The primary goal of the Commissioner is to find a new owner by the end of
this year.
With the recent
award of a new multi-year contract by the Defence for the integrated logistical
support of the entire of P.180s fleet operated by the Armed Forces, Piaggio
Aerospace has now a backlog equal to 640 million euros. More orders, for a
further amount of 260 million euros, are in various stages of negotiation. The
total order intake should therefore reach 900 million euros.