Moto Morini’s bankruptcy has been going painfully slow, but it’s all about to come to a head, as the Italian company will be put up on the auction block April 13th. The Super-Saver Moto Morini package includes all the appropriate intellectual property, assets, and equipment (sans motorcycles, which are being sold separately) for the cool sum of €5.5 million. Should no one want the whole kit ‘n kaboodle, a cheaper price of €2.6 million will be set for the production complex with two years use included. These prices are of course the auction’s guide prices.
Don’t get too excited Moto Morini fans, the Italian brand isn’t making a comeback from the dead as of yet. However Piero Aicardi, Moto Morini’s receiver (the person in charge of handling the company’s affairs during the liquidation/bankruptcy process), wants to re-open the Bologna factory to assemble 45 bikes that are apparently sitting in parts at the factory.
With 16 Scamblers and 29 Granpasso’s capable of being built, Aicardi foresees that Moto Morini could open temporarily to build the 45 bikes, which would sell for €6,300 – €7,100 ($8,500 – $9,600), and use the proceeds to pay off some of Moto Morini’s debts.
UPDATE: Moto Morini’s liquidator has now announced that all the available units have been sold.
As the dust continues to settle around Moto Morini, the Italian marque sees an expiration date looming in its future. Pushing its final days into September of this year, as the company looks for a new potential buyer, assets of this motorcycling misadventure continue to be sold. While many were upset at Moto Morini closing its doors, the good news is that the company has an ample stock of bikes, which it is now selling for severely discounted prices.
Beleaguered French motorcycle company Voxan has found life after death, and today was acquired by Venturi Automobiles. Backed by an investment group in Monaco, Venturi itself was resurrected back in 2001, but with new cash in-hand the company sees motorcycles as a way to bolster its portfolio.
The French conglomerate has released some interesting plans for its newly acquired motorcycle company, namely that it hopes to have Voxan release a production electric motorcycle in the next three years.
Quirky Italian motorcycle manufacturer Moto Morini has reportedly been saved from the chopping block by Paolo Berlusconi. If that names rings a bell, it should because Berlusconi is the brother to Italy’s Prime Minister, and owns Garelli scooters. The Italian businessman has also been recently linked to acquiring MV Agusta, which if both transactions go through could see Berlusconi owning the parts of a formidable Italian motorcycle company. Berlusconi has reportedly made a €2.9 million offer for Moto Morini which includes the company name, infrastructure, and rights to past and future product lines.
After we posted yesterday that Moto Morini had shut down its production line, amid the Italian company’s financial problems, other publications began covering the company’s complete closure. This caught the folks at Moto Morini off-guard, who while on an extended day-off, insist they are still keeping the production line functioning, if admittedly at a significantly reduced capacity.
UPDATE: Moto Morini has responded to other reports that the Italian company has shut its doors, and instead says its production line is at a greatly diminished capacity.
After going into receivership a few months ago, Moto Morini has found its financial stability withering away as time marches-on. With no end in sight for the company’s blight, Moto Morini has shutdown its production line, and will remain in that state until a new buyer or group of investors emerge and breath life back into the small Italian brand.
Despite signs that the economy seems to be bottoming out, UK-based wheel manufacturer Dymag Racing UK, Ltd has entered into bankruptcy. What appears to be beyond just a mere restructuring, the company’s assets are being auctioned-off, placing doubts as to whether the manufacturer will continue making wheel products after the bankruptcy process concludes.
Well, we saw it coming. Electric scooter manufacturer Vectrix Motorcycles has finally filed for Chapter 11 bankruptcy. For those that didn’t learn the intricacies of Chapter 11 filings from the recent reorganization of General Motors, Vectrix as we know it will be transfered to a new corporation (New Corp.), while the bad assets and debt of the company remain in old company (Old Corp.). In this case, New Corp. will take the form of “New Vectrix LLC” and the move will leave the brand with minimal debt obligations (at the detriment of its current creditors).
While a pretty standard announcement for a Chapter 11 filing, Vectrix isn’t out of the woods yet. This filing will give Vectrix the second chance it needs, but it does nothing to address the fundamental problems that caused the company to go bankrupt in the first place (much like GM you say??!).
Hopefully with proper management, this move will give Vectrix the second chance it needs to be successful. The Chapter 11 filing is at least a good sign for the company and creditors as a Chapter 7 filing would have meant both parties would have been S.O.L. Such is the miracle of the United States Bankruptcy Court. Press release after the jump.
Italian manufacturer Moto Morini has entered into voluntary liquidation in an effort to get its business back on track. Voluntary liquidation is an Italian concocted form of quasi-bankruptcy, although we’re sure Italian businesses would be quick to point out the differences; however, the affect is essentially the same though, and the act will shield Moto Morini from the debts it owes its suppliers.
Moto Morini has been denying earlier reports that it hasn’t paid its 65 employees, although it admits it hasn’t paid its suppliers since last June. Despite this, Moto Morini has stated categorically that its own intention is to go straight ahead with all the company activities, and all actions to date have been made with this goal in mind.