The sale of Piaggio Aero Industries and Piaggio Aviation, which operate jointly as Piaggio Aerospace, has progressed to the due diligence phase, with five potential buyers—pared down from a list of 11—now able to access a virtual data room. Italy-based Piaggio Aerospace, the manufacturer of the Avanti Evo turboprop twin, has been operating under “extraordinary administration” bankruptcy since 2019. A previous sale process ended last year after the winning bidder failed to consummate the deal.

Potential buyers now have until April 28 to get the needed information on the two companies. Then a new window of 30 days will open for potential offers to be submitted.

“In agreement with the Ministry for Economic Development, we want the process to proceed quickly and without exceptions,” said Piaggio Aerospace extraordinary commissioner Vincenzo Nicastro. “This does not mean that we will not carefully evaluate the offers that will arrive, identifying a new owner for the company able not only to recognize its fair value but also to propose a long-term strategy, safeguarding both skills and employment.”

Nicastro stressed that Piaggio Aerospace’s industrial performance remains positive, with 2021 revenues exceeding €154 million and an order backlog of €446 million. Pending contracts have the potential to increase that backlog by €115 million this year, according to Nicastro.