MV Agusta’s latest financial restructuring plan has been approved by an Italian court.
This deal was first announced back in November of 2016. It was a way to address MV Agusta’s cash flow problems; the manufacturer has been having money trouble for a while now. The North American distributorship changed hands recently, and the company has also announced a hold on some of its bike development until the issues get sorted out.
With the new deal in place, hopefully the North American distributor will now have the necessary stability to rebuild the brand in the United States and Canada; even if the company has to slow down production for a while, as it stated earlier.
The full body of the press release is below:
MV Agusta Press Release
Varese, 24th March 2017 – Following the announcement of the agreement on the capital increase of MV Agusta, signed on 17th November between MV Agusta Holding, a participation company controlled by Giovanni Castiglioni and the investment group Black Ocean, controlled by the Sardarov family and by British financier, Oliver Ripley, the Italian motorcycle manufacturer, adds another important element for the consolidation of its plan.
On 15th March 2017, MV Agusta received from the Court of Varese the green light to the industrial plan put forward, aimed at the strategic and financial reshaping of the company, leader in super premium motorcycle production.
Giovanni Castiglioni, stated: “In the last 12 months, the implemented measures have brought MV Agusta back in positive cash flow generation, allowing the company to accomplish the targets set in its plan and to consistently support product development and consolidation of our main markets. MV Agusta has a completely new product line, born from 5 years of heavy investments that, along with our iconic brand, represent the key elements to support our growth and our clients demand.”