MV Agusta has announced definitive exit from the arrangement with creditors in business continuity. With decree dated 29 December 2022, the Court of Varese declared the complete execution and the consequent extinction of the bankruptcy procedure, having ascertained the full payment of creditors with composition with creditors and all the connected obligations.
The exit from the arrangement with creditors in going concern finalizes the restructuring process of MV Agusta Motor SpA.. This milestone was achieved thanks to the efforts made by the Sardarov family who took control of the company four years ago and have supported it financially since the opening of the arrangement with creditors in 2017, injecting over 180M€ for the improvement of business practice, the full payment of composition debts, to finance current activities and ensure that the company has a solid business plan for future growth. The entry of the new shareholder, KTM AG, a company of PIERER Mobility AG, proves how MV Agusta has been correctly directed towards the relaunch and marks a further positive result of the successful management of CEO Timur Sardarov who can finally consider a difficult phase closed of the history of the well-known motorcycle brand from Varese, sure that MV Agusta now has all the elements to keep faith with its heritage as one of the greatest brands in the history of motorcycling.
Satisfaction with the conclusion of the arrangement process by Timur SardarovCEO of MV Agusta Motor SpA: “Since my arrival at MV Agusta, leaving the composition with creditors has been one of the main objectives that the company’s management had set itself, and has achieved, to recover the trust of customers and suppliers and be able to relaunch the company. Despite the negative effects resulting from the Covid-19 pandemic, the increase in raw material prices and, nevertheless, the outbreak of war in Ukraine, the commitment, perseverance and professionalism of MV Agusta’s management prevailed and made it possible to achieve this important result. Now we must look to the future with renewed confidence, comforted by the success that our new models are achieving. The new partnership with KTM AG is already energizing our business on all fronts, from producing new motorcycles, expanding our dealer network to providing world-class service to all our passionate customers. After dark years, we have finally created the conditions to allow MV Agusta to write a new chapter in the history of motorcycling.”
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