MV AGUSTA ANNOUNCES FINAL RESOLUTION OF COMPOSITION WITH CREDITORS
Varese, January 31, 2023 – MV Agusta Motor S.p.A. announces the final resolution of the composition with creditors, “Concordato Preventivo in Continuità Aziendale” under Italian law.
The Varese Court, in its ruling of December 29th, 2022, declared the procedure as resolved, after having ascertained that all outstanding debt with creditors and all obligations under the composition had been entirely settled.
The exit from the Composition with Creditors finalises the restructuring process of MV Agusta Motor S.p.A.. An outstanding result that was made possible thanks to the strong commitment of the Sardarov family, who took control of the company 4 years ago and supported it financially since the beginning of the Composition in 2017, by injecting more than 180€ Million in order to restructure all of the business practices, pay off all debt under the procedure, support MV Agusta’s day to day operations and make sure that the company has a solid business plan for the future growth.
The arrival of the new partner, KTM AG, a company of PIERER Mobility AG, proves that MV Agusta was put on the right path and marks a new positive development under the leadership of CEO Timur Sardarov, who is adamant that a difficult phase in the company’s history is officially over, and that now MV Agusta has a solid base to live up to its status of one of the greatest brands in motorcycle history.
Timur Sardarov, CEO of MV Agusta Motor S.p.A., said: “Since my arrival at MV Agusta, the settlement of the Composition with Creditors has been one of my main objectives, in order to regain the trust of our clients and our suppliers. Despite the negative effects of the pandemics, the strong increase in the cost of raw materials and the outbreak of war in Ukraine, the engagement and the professionalism of MV Agusta’s management brought this important result home. We must now look at the future with renewed confidence, comforted by the success of our new models. The partnership with KTM AG is already bringing new energy to our business on all fronts, from the production of new models and the expansion of our dealers network to the improve of the services quality for our clients. Our dark years are over, as we have finally created the conditions for MV Agusta to write a new chapter in the history of motorcycling.”