Benelli Declared Bankrupt By Italian Court; What’s Going On?

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An Italian court recently declared Benelli Motorcycles as bankrupt. The statement was declared as the company failed to settle dues with WP Suspension. Benelli had offered to pay WP Suspensions its dues, as they had sufficient funds to clear outstanding payments.

WP Suspensions is part of the KTM Group and was offering certain components to Benelli. 1.20 lakh Euros was the outstanding amount that Benelli owed WP Suspensions. The Italian-based manufacturer failed to pay the outstanding amount within the stipulated time frame.

Pesaro court ruled the decision in favour of WP Suspension. The Pesaro court also declared Benelli bankrupt and ordered them to pay the complete amount owed. A trustee confiscated Benelli motorcycles that were manufactured in Italy as collateral.

Qianjiang Group from China currently owns Benelli Motorcycles. The parent company has announced that Benelli is not bankrupt and has strong financial support. Benelli has appealed to the court to overturn the decision and is financially sound to repay its debts.

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Story first published: Wednesday, July 27, 2016, 11:49 [IST]
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