Paolo Berlusconi saves failing Moto Morini
Troubled Italian manufacturer Moto Morini has been bought for 2.5 million Euros by Paolo Berlusconi, brother of Italian Prime Minister Silvio.
Moto Morini declared itself bankrupt in September 2009 – a move that allows Italian firms six months breathing room to avoid paying debts. The firm has since scaled back production, building bikes to order while a backlog of unsold stock was cleared.
Paolo Berlusconi is no stranger to motorcycles: he also owns Garelli, and is linked with the potential purchase of MV Agusta, which is currently being marketed by current owners Harley-Davidson. Berlusconi’s investment nets him the Morini factory, equipment plus all the rights to the bikes and designs.
Italian publication Motociclismo speculates that a new business plan will be in place and revealed in time for this year’s EICMA show in Milan this November.