New investor at MV Agusta
Last second rescue?
It looks like the last minute rescue. Apparently a new financier has stepped in to save MV Agusta from bankruptcy.
According to its own statements, MV Agusta has agreed on a capital increase with the “Black Ocean Group” as an investor. The Russian-US-American group, which has not yet appeared in the motorcycle sector, but in private aviation and agriculture, has offices in New York, Luxembourg, London and Moscow, according to the website. Your entry comes for M.V Agusta apparently just right.
The manufacturer had applied for a settlement with its creditors in the spring after MV Agusta reportedly accumulated around 40 million euros in debt with its suppliers. Since then, a restructuring plan has been drawn up and implemented in accordance with a court order. The money from Black Ocean is now supposed to contribute to this. How this plan looks like and how high the shares of the new investor are, both sides are silent.
Italian press reports at the end of last week also caused a stir around MV Agusta, according to which MV owner Giovanni Castiglioni is suspected of not correctly paying social security contributions for his employees, but of having instead put them into the company. When asked by MOTORRAD, Castiglioni was quite relaxed about this: “We behaved in accordance with the rules.” Investigations are apparently still ongoing.
The premium brand AMG, which belongs to Mercedes-Benz, also holds 25 percent of MV Agusta. AMG has not yet commented on the events in Italy.
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