Tuesday, July 23, 2024
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MV given ‘green light’ by courts

MV Agusta says it has been given “the green light” by the Italian courts for its financial plan for the future of the company.

The Varese-based manufacturer of high-end motorcycles says the go ahead was given on 15 March. The company had sought the protection of the courts to stave off bankruptcy.

In a letter sent to dealers, Giovanni Castiglioni said the court agreement, which related to the tie-up with Black Ocean and its capital injection into MV’s holding company, was “an important milestone”.

Castiglioni said his main objective was “the reinforcement of MV Agusta’s core business: the production of high-performance, high-end motorcycles”.

His letter went on: “In the past 12 months the implemented measures have brought MV  back into positive cash-flow generation, allowing us to complete the restructuring plan to consistently support product development and consolidation of our key markets.”

Castiglioni thanked the MV dealer network for its “incredible support”.

MV had sought court protection from its creditors and then negotiated a recapitalisation by private equity firm Black Ocean last November.

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.

 

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