Piaggio to pay about $107 million to bank creditors, shareholders
June 13, 2008
Filed under Features
Piaggio SpA announced it will pay an estimated $107 million to former Aprilia bank creditors and shareholders, according to Thomas Financial News.
Piaggio’s board decided to pay off the warrants in cash rather than issuing Piaggio shares. Nearly $97.5 million will go to 9,959 Piaggio 2004-2009 warrants that are held by the Aprilia bank creditors and about $10 million will be for instruments for ex-Aprilia shareholders. Piaggio acquired Aprilia in 2004.
The payment is expected to be made by July 3. Ten thousand of the warrants were issued and the remaining 41 outstanding warrant holders have not asked to be reimbursed.