Another chapter has been written in the saga that is MV Agusta’s financial woes. Only this time, the news is good news. The Italian firm has found funding from Russia, in the form of the Black Ocean investment group. The details of the deal aren’t public yet, but it is safe to say that the money will go towards getting operations running again.
MV Agusta has been in a financially bad position for a while now, with suppliers either stopping supply completely or option for a pay-upfront system. The relationship with part-owner AMG has also not been easy, as one of the clauses to rid themselves of the German brand is to be debt-free before buying the stake back. It isn’t clear whether the Black Ocean investment will mean the departure of AMG, but we’re fairly certain that Giovanni Castiglioni hopes so.
Black Ocean is most well-known for investing in Ocean Sky, a UK-based jet chartering company. It is the investing arm of the Ocean Group, headed by Oliver Ripley and Timur Sardarov. The infusion of cash follows the restructuring of MV Agusta’s Rs 361 crore debt and it should help everything from production to R&D gather momentum again.
