Benelli Declared Bankrupt In Italian Court

The Italian company has failed to pay its debt of 1.2 lakh euros to component maker WP Suspension.

The Italian court of Pesaro has declared Benelli bankrupt in a case for impending debt. The company reportedly owes a payment of 1.2 lakh euros to component maker WP Suspension for supplying the suspension setups. Now, the interesting fact is that the court order was passed even after the Italian bike maker offered to pay its debt to the component supplier. Benelli is claiming that it has sufficient funds to clear its dues, which is making the situation more confusing.

The scene is totally not in favour of Benelli, which is now owned by the Chinese Qianjiang Group. Benelli has also appealed for the decision of the Pesaro court to be reversed in the Court of Appeal of Ancona in Italy. The company says that it is strong enough in terms of finance and can repay its debts, and, in fact, has started repaying already.

Though the situation is not in Benelli's favour, it doesn't look on the way to bankruptcy as of now. The company has a very large customer base globally and it is even growing faster now in some new markets. In India, it is the fastest growing superbike brand with its value for money products. Benelli is also expanding in newer countries, with the most recent one being the closely guarded Iranian market. The company also showcased some promising products at the 2016 Auto Expo, which are going to be a part of its global portfolio. Moreover, it is a brand with a history of more than 100 years and this is something we believe Qianjiang Group will not drop so easily from its family.

Source: ilfattoquotidiano.it