According to a press release, MV Agusta has worked out a new financing deal through the Black Ocean Group.
For several months now, MV Agusta’s finances have been under a cloud; lately, the company has been battling it out with creditors in the courts, and facing accusations of playing games with its employees’ retirement funds. True or not, that’s not the kind of publicity any company wants.
Now, there might be an end in sight, with news the motorcycle manufacturer has signed a binding agreement for a capital increase from Black Ocean Group. According to the press release: “The recapitalization of the world famous Italian motorcycle manufacturer together with the the restructuring plan of the company has the aim of consolidating its leadership in the production of high end motorcycles under the MV AGUSTA brand. The closing of the transaction is expected to coincide with the homologation of MV AGUSTA restructuring plan.”
In other words, MV Agusta will get the money when it shows an effective plan for the future.
Wondering who Black Ocean is?, Again, according to the press release: “Black Ocean, which is part of the international holding Ocean Group, is an investment group, founded by entrepreneurs Oliver Ripley and Timur Sardarov, with offices in New York, London and Luxembourg. The company has invested and built a diverse group of businesses spanning technology investments, private aviation, real estate and agriculture.” There you have it.