Mv out of chapter 11greenspun.com : LUSENET : MV Agusta F4 : One Thread
Proton to the rescue, Lotus style :
Sembrano finiti i problemi per la MV Agusta, la malese Proton sottoscriverà un aumento di capitale di 70 milioni di Euro, rimettendo in carreggiata i conti dell’azienda di Schiranna che esce quindi dall’amministrazione controllata (durata due anni esatti) a partire da ieri, 16 Novembre.
I Commissari Giudiziali hanno rilevato come l’impresa nel suo complesso abbia raggiunto l’equilibrio finanziario a livello operativo (EBITDA) ed iniziato da alcuni mesi a generare flussi di cassa positivi. L’aumento di capitale, già deliberato il 29 ottobre 2004, sarà interamente sottoscritto dal gruppo malese Proton il quale ha rilasciato garanzia fideiussoria di CitiBank per l’intero importo. Al termine della ricapitalizzazione la Proton avrà la quota di maggioranza della MV Agusta. Claudio Castiglioni manterrà la presidenza della società e avrà deleghe nei settori del marketing e della ricerca e sviluppo, mentre l’Amministratore Delegato sarà indicato dalla Proton.
In forza del ritorno in attivo, il gruppo MV Agusta, dopo la complessa ristrutturazione finanziaria e industriale già operata, può ora riprendere con rinnovato slancio la strada dello sviluppo che l’ha già portata a significativi risultati di vendita dei suoi tre marchi (MV Agusta, Husqvarna e Cagiva) in tutti i principali mercati del mondo.
Proton, quotata alla Borsa di Kuala Lumpur, è una delle principali aziende del settore automobilistico asiatico. Proprietario della Lotus, il Gruppo sta perseguendo una strategia di espansione sui mercati internazionali mediante alleanze industriali con prestigiose aziende del settore motoristico. Nell’ultimo esercizio il fatturato è stato di 1,5 miliardi di euro con un utile di 114,5 milioni, impiegando a livello globale 9.000 dipendenti.
-- M/V ! (firstname.lastname@example.org), November 18, 2004
Yo! Will somebody translate this in english. Thanks
-- AJ (email@example.com), November 21, 2004.
Proton Malaysia to underwrite a capital increase of Euro 70 million The Varese District Court has ruled that temporary receivership proceedings are to be terminated for MV Agusta considering that the company has shown it is able to meet its commitments. The court made its ruling after MV Agusta submitted an application for ascertainment that the company had actually returned to better fortunes at the end of receivership proceedings initiated on 14 November 2002.The project undertaken by entrepreneur Claudio Castiglioni envisaged increasing company capital by Euro 70,000,000 before 31/12/2004, consequently meeting all outstanding debts pursuant to transactions previously stipulated with banks and suppliers, and therefore a full return to capital and asset liquidity and the company's former market placing. The temporary receivers observed that the company had reached EBITDA stability, and in recent months had generated a positive cash flow. The capital increase, deliberated on 29 October 2004, is to be completely underwritten by the Malaysian Proton Group, which has provided guarantees to CitiBank for the entire amount. When the capital increase has been completed, Proton will become MV Agusta's majority shareholder. Castiglioni will remain as company CEO, with special responsibilities in the areas of marketing and R&D, whereas the managing director will be appointed by Proton. In view of the credibility of the industrial plan, the amount of increased capital, and Castiglioni's repeated commitment, the Court stated it is confident that "the company will be able to meet its future commitments adequately," and ordered that temporary receivership cease forthwith. On account of MV Agusta's return to better fortunes following the complex industrial and financial restructuring it has undergone, the company may now stride confidently towards those very developments which have already brought about such a significant turnaround in sales of its three brands (MV Agusta, Husqvarna, and Cagiva) on the major world markets. "The return to better fortunes of MV Agusta is due to a series of factors that have concretely come together to bring about this extraordinary result," said Claudio Castiglioni, company CEO. "It would not have been possible without the sensitivity the Varese District Court and the temporary receivers demonstrated in evaluating our efforts. I therefore wish to express particular thanks to the banking system in general, and to Banca Intesa in particular (especially their Managing Director Corrado Passera), for all all their help and advice. It is thanks to them that the company is still a going concern. Nor let us not forget Proton, who have believed in the value and potentials of our brands, and with whom we will construct a leading force to be reckoned with on an international level. One final word of thanks must go to our dedicated staff at MV Agusta - to all of the engineers, office workers and management, who with their dedication and professional competence lived through this most difficult period of MV's history, which today is now behind us." Proton is assisted by financial consultant Soci?©t?© G?©n?©rale and by law firm White & Case. The Castiglioni family financial advisers are Lazard, and their legal counsel is NCTM. Proton, listed on the Kuala Lumpur stock exchange, is one of Asia's leading car manufacturers. Owner of Lotus, the Group is pursuing an international market expansion strategy involving industrial partnerships with prestigious companies in the motorcycle industry. Their turnover last year was Euro 1.5 billion, with Euro 114.5 million in profits and a worldwide workforce of more than 9,000.
-- AJ (firstname.lastname@example.org), November 21, 2004.
It sounds like a good thing, since they don't seem focused on building little cars with this division, even though that might have been very interesting. A two year program might be just the thing to put MV back into the racing circut on a big level. Thanks for the update!
-- Cali-Kane (email@example.com), November 23, 2004.