Moto Morini declares itself bankrupt
Italian firm Moto Morini has entered voluntary liquidation after failing to pay its staff or suppliers in September.
Morini now enters a period uncertainty tinged with bleakness. Voluntary liquidation is normally a precursor to a firm’s assets being broken up and sold off, but it could trigger the appearance of a buyer for the whole firm.
The news comes as a real surprise – Morini has sold 15% more bikes in the first eight months of 2009 than it did in the whole of 2008, and development work on new models was apparently in full swing.
Only last month the firm was spied testing a rival to the upcoming new Ducati Multistrada in the highly-promising form of the new Granpasso.
No comment has yet emerged from the firm, or UK importers Three Cross, but the firm still has a booking at November’s EICMA show in Milan.
Fingers crossed they make it that far.
Statement from Moto Morini UK importers Three Cross Motorcycles:
“Moto Morini has gone into “Voluntary Liquidation” - this does not have the same implications as under UK law - it is a technical step necessary for any company to block legal action against them from unpaid suppliers. It will enable Morini to continue normal activity and allow the possibility for new investors to come into a "going concern".
Production and ex factory deliveries of bikes so far this year is similar to last year but this is below the budget to break even at 2000 units and this has caused a cash flow problem.
All daily activity at Morini is as normal, so supply of bikes and aftersales service are unaffected.
Production of the new model Supermotard 1200 is scheduled for January.
Morini are currently in negotiation with two potential investors and a third has just come onto the scene, so a positive outcome is predicted.”