Piaggio Aerospace is insolvent
The Italian aircraft manufacturer Piaggio Aerospace, manufacturer of the civil avanti EVO and the unmanned reconnaissance aircraft P.1HH HammerHead, has filed for bankruptcy.
Piaggio Aerospace wanted to fly into the black with the Avanti EVO - now the Italian company had to file for bankruptcy.
The company has just requested the year of his 100th birthday to be placed under bankruptcy administration. A statement from the company states: "The continuing uncertainty and current market conditions make the company financially unsustainable." There may be delays on the part of the Italian government in anticipating the appointment of military drones for the current situation. Business in the civilian business did not go as hoped: in the first three quarters, only three copies of the turboprop twin Avanti EVO were delivered.
Piaggio Aerospace has been part of the Mubadala Development Company, an investor from Abu Dhabi, since 2015. In May, the team led by CEO Renato Vaghi was optimistic at the EBACE in Geneva. Strengthened by a 255 million euro cash injection of the owners, the company wanted to reposition itself. As of 2021, the five-year restructuring plan was supposed to show a profit - a project that has now apparently failed. In addition to the twin-engined Avanti EVO turboprop, the portfolio also includes the P.1HH HammerHead unmanned reconnaissance aircraft based on it.