Piaggio Aerospace, a multinational aerospace manufacturing company headquartered in Genoa, Italy was forced to take a “difficult decision” and has asked to be put into receivership. The company will request admission to the procedure to the Italian Ministry of Economic Development (Ministero dello Sviluppo Economico).
An official statement of the company explains that “despite the commitment and hard work of all Piaggio Aerospace employees, as well as the significant financial support sustained by our partner over the years, the fundamental target of the recovery plan approved in 2017 did not materialize. Continued uncertainty and current market conditions mean that the company is no longer financially sustainable.”
Therefore, the Board of Directors of Piaggio Aerospace has made the difficult decision – and considering the state of insolvency of the company – to apply for the extraordinary administration procedure (Marzano-law) to the Ministry of Economic Development.