{"id":33088,"date":"2018-11-23T11:00:13","date_gmt":"2018-11-23T11:00:13","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2018\/11\/23\/italys-piaggio-aerospace-requests-receivership-amid-lagging-drone-deal\/"},"modified":"2026-08-07T22:46:12","modified_gmt":"2026-08-07T22:46:12","slug":"italys-piaggio-aerospace-requests-receivership-amid-lagging-drone-deal","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/global\/europe\/2018\/11\/23\/italys-piaggio-aerospace-requests-receivership-amid-lagging-drone-deal\/","title":{"rendered":"Italy\u2019s Piaggio Aerospace requests receivership amid lagging drone deal"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">ROME \u2013 Italy-based Piaggio Aerospace has asked the Italian government to be put into receivership due to \u201cthe state of insolvency of the company,\u201d with unions and politicians blaming delays in an expected drone order from the Italian Air Force.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a statement released on Thursday, the historic Italian firm said, &#8220;The prolonged uncertainty and present market conditions make the company no longer financially sustainable.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Piaggio Aerospace is owned by Mubadala Development Company, an Abu Dhabi-based strategic investment and development company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2016, the United Arab Emirates signed to buy eight P.1HH aircraft, dubbed the Hammerhead, an unmanned variant of the firm\u2019s P-180 business aircraft which flies with two pusher propellers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company has planned to make its first delivery to the UAE by year&#8217;s end. Italy had originally planned to be the launch customer for the Hammerhead, but as the UAE order went ahead, Rome decided it wanted a longer-endurance version, leading to the development of the P2.HH.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Italian drone orders were expected to help keep the company in business as orders for the P.180 slipped.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier this year, Italy\u2019s ministry of defense sent an acquisition request to the Italian parliament\u2019s defense commission for 20 P2.HH drones, costing a total of \u20ac766 million ($874m).<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/defensenews\/global\/europe\/2018\/10\/24\/italy-plans-to-slash-half-a-billion-dollars-from-defense-in-2019\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/F-35B-Cameri.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">Italy plans to slash half a billion dollars from defense in 2019<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">Italy will suspend helicopter and missile purchases and cancel an office move by the defense ministry, a defense source has told Defense News, and also slow roll F-35 buys.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">The request was not voted on by the parliamentary commission since it arrived too close to Italy\u2019s March 4 election, which saw Italy\u2019s incumbent center-left government defeated before a populist coalition took office in June.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The program however received launch funding in this year\u2019s defense budget, and at the time of the election, the head of the commission, Francesco Saverio Garofani, said the order would proceed without a commission vote.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, the program has stalled, and the new parliament has yet to vote on it amid pressure by the coalition government to make cuts in defense spending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Officials in Italy are also concerned that the P2.HH will overlap with the Euromale drone that European partners, including Italy, are now developing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, Piaggio Aerospace\u2019s finances grew more parlous, leading to the Thursday decision to ask the government to go into special administration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Italian union FIM-CISL blamed Piaggio Aerospace\u2019s plight on the government\u2019s delay in ordering the drone and asked the government to find new investors to save the firm while pushing the drone order through.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Democratic Party, which was voted out of government in March, accused the new government of \u201cbeing unable to take a decision in all these months on the \u20ac766 million acquisition of the P2.HH.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company cites &#8220;prolonged uncertainty and present market conditions&#8221; as reasons to be put under special administration.<\/p>\n","protected":false},"author":7,"featured_media":72603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":46,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,46,11,36],"tags":[],"coauthors":[3345],"class_list":["post-33088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-europe","category-global","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"2LLZL2BP4RFN3CMY4UI5VZYRMM","arc_canonical_url":"\/global\/europe\/2018\/11\/23\/italys-piaggio-aerospace-requests-receivership-amid-lagging-drone-deal\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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