Italy’s Piaggio Aerospace, which filed for protection from creditors late in 2018, said on Wednesday it had formally invited five bidders to make a purchase offer for the group.
The deadline for the five bidders to file non-binding offers is set for March 5, the company said in a statement, adding they were interested in buying both the group’s aircraft and engine business.
The company’s special administrator Vincenzo Nicastro has sent the letters as a further step in the company’s sale process, which started last year when Piaggio Aerospace initially drew expressions of interest from 19 international bidders.
“Having five suitors in the shortlist is very positive, especially if we consider that the pandemic has objectively discouraged many foreign subjects,” Nicastro said.
Nicastro said that the non-binding offers would be assessed by Italy’s Ministry for Economic Development and then talks would start to get to a binding offer.
Source: Reuters.com