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MV Agusta Receives Investment From Black Ocean Group
MV Agusta has received an undisclosed investment from Black Ocean Investment Group. The latest funding is likely to be utilised for regaining operations by MV Agusta.
MV Agusta's financial woes are known by everyone in the automobile industry. The Italian superbike manufacturer has found some respite this time in the form of a new funding round. So far, not all details on the latest funding have been revealed.
Black Ocean Group from Russia has invested in MV Agusta. An official agreement between the duo was established on November 17, 2016. Giovanni Castiglioni, CEO, MV Agusta has expressed that he is pleased to have Black Ocean Investment Group backing him.
Currently, MV Agusta is witnessing difficulty with part-owners AMG. The German automobile brand has a clause where if MV Agusta wants to buy off their shares, they have to be debt free. Latest investment from Black Ocean Group could aid in AMG's departure.
Several suppliers have stopped providing components to MV Agusta. A few suppliers have provided MV Agusta with the option of paying upfront for parts and components. Black Ocean Group's investment is likely to be utilised for resuming operations.
