Italian bike manufacturing company MV Agusta has now filed for Chapter 11 bankruptcy where the company’s loans will be frozen for sometime until the firm is back on its feet to repay the debts.
MV Agusta is a well-known Italian bike manufacturer known to make some of the most powerful and exciting motorcycles. However, what may come across as some interesting news is the fact that the company has now filed for Chapter 11 bankruptcy. Chapter 11 bankruptcy is different from a conventional bankruptcy and over here a firm asks for some financial breathing space.
During this financial breathing space, the company’s loans get frozen and a certain amount of time is given to the company to get back on its feet and save its assets from sinking. The last 2 years have been pretty positive for MV Agusta since 25% of the company is owned by Mercedes-AMG and the firm even recorded a 30% increase in international turnover.
There are a lot of creditors whom MV Agusta owes money and the company has even changed a lot of hands over the past few decades. The company was revived 20 years ago by Claudio Castiglioni and firms like Harley-Davidson and Proton also tried to get MV Agusta up and running in the right direction. However, the company is back in Castiglioni’s hands and now it is his son who is at the helm.
MV Agusta started developing a new range of 3-cylinder bikes while they also launched the Turismo Veloce 800 sport touring bike to expand their product portfolio. The company was also gearing up to introduce a new adventure bike this year but it seems that this plan has now been put on hold until the company tries to save itself and its employees.
MV Agusta Files For Chapter 11 Bankruptcy
– Chapter 11 bankruptcy grants you some time before you can continue repaying your loans
– MV Agusta had a 30% rise in international turnover
– 25% of the company is owned by Mercedes-AMG
– Mercedes-AMG could takeover MV Agusta completely
