Despite closing 2015 with a turnover of 100 million euro (RM45 million), an increase of 30% over the previous year, MV Agusta are in financial hot water over its ability to finance continued commitments towards its current growth and development of new motorcycle models.
With its 2016 order book back-ordered to 42% over last year’s figures, and 100 million euro in turnover, MV seem to have reached something of a tough situation with regards to continued funding. Creditors are reportedly pushing hard for some sort of settlement, to the tune of 40 million euro (RM180.7 million), with a 15 million euro (RM67.7 million) loan from Banco Popolare di Milano taking the lion’s share.
Mercedes-AMG, holding a 25% stake in MV, has been rumoured to be looking into a larger stake in MV, but no news has been forth-coming, and something of a denial of such a thing happening has been issued by MV.
“MV Agusta has decided to hold its ground together with the employees and its creditors by means a composition with creditors proceeding to request continuity that will allow the company to be able to restructure and generate positive growth returns for its stakeholders,” said an official press statement.
It remains to be seen what the final outcome will be, since the loan facility from Banco Popolare will immediately fall due should Mercedes-AMG drop its share-holding in MV below 20%. MV expressed confidence that its current financial liquidity issue will be resolved, but neglected to release any details of its proposed restructuring plan.
Looking to sell your car? Sell it with Carro.
only for Euro 1
Soon Petronas also for sale for equivalent amount ?
woohoo RM must be strengthening. EUR100 mil = RM45 mil time to go on holiday in europe…
So with financial might of Mesidis oso MV face money problems. Kinda makes P1 not so guilty now for throwing them as far as they can, doesnt it?
Good job Proton. Washed your hand earlier from MV
100 million euro=rm45 million. Whereas 40 million euro=rm180.7 million. Is your calculator facing heat wave?? No wonder augusta is in quamire.
HAHAHAHAAH.. and some said bad of proton selling MV to others by 1Dollar.. KAKAKAKA