Moto Morini go into voluntary liquidation

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SteveMRC
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Moto Morini go into voluntary liquidation

Post by SteveMRC »

:shock:

Italian firm Moto Morini has entered voluntary liquidation after failing to pay its staff or suppliers in September.
Morini now enters a period uncertainty tinged with bleakness. Voluntary liquidation is normally a precursor to a firm’s assets being broken up and sold off, but it could trigger the appearance of a buyer for the whole firm.

The news comes as a real surprise – Morini has sold 15% more bikes in the first eight months of 2009 than it did in the whole of 2008, and development work on new models was apparently in full swing.
Only last month the firm was spied testing a rival to the upcoming new Ducati Multistrada in the highly-promising form of the new Granpasso.
No comment has yet emerged from the firm, or UK importers Three Cross, but the firm still has a booking at November’s EICMA show in Milan.

Fingers crossed they make it that far.

Update:

Statement from Moto Morini UK importers Three Cross Motorcycles:

“Moto Morini has gone into “Voluntary Liquidationâ€￾ - this does not have the same implications as under UK law - it is a technical step necessary for any company to block legal action against them from unpaid suppliers. It will enable Morini to continue normal activity and allow the possibility for new investors to come into a "going concern".

Production and ex factory deliveries of bikes so far this year is similar to last year but this is below the budget to break even at 2000 units and this has caused a cash flow problem.

All daily activity at Morini is as normal, so supply of bikes and aftersales service are unaffected.

Production of the new model Supermotard 1200 is scheduled for January.

Morini are currently in negotiation with two potential investors and a third has just come onto the scene, so a positive outcome is predicted.â€￾
http://www.motorcyclenews.com/MCN/News/ ... -bankrupt/
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corsaro chris
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Post by corsaro chris »

All;

This quote from Keith Davies, MD at 3X, the UK importers. There is a more measured report from Motociclismos' (the Italian magazine) web page, available at http://www.motociclismo.it and click on NEWS.

"Chris,

No doubt you are already aware of the problems reported by MCN at Moto Morini.

I am forwarding you the email we have sent to MCN while we wait for an official release from Moto Morini Italy.

Having spoken to the factory I can tell you that the MCN coverage is presented quite negatively and the part about workers being unpaid for September is not true. Gherado [Morini export area manager - CJW] assures me they have all been paid.

Morini world wide retail sales to customers are significantly increased this year especially in Germany, France and Italy. Production has not increased though as dealers and distributors (not 3X) have reduced their stock levels due to recessionary fears.

The factory falling victim of the recession is an immensely disappointing time for all of us but, given the proven qualities of the bikes and the projects in the pipeline we have to remain positive that a solution will be found.

I will keep you informed of developments meanwhile please pass on this information to Morini Riders Club members.

Best regards.

Keith

Keith Davies -
Director.
"
"I'll use the Morini"
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corsaro chris
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Post by corsaro chris »

OK all; this is a Google translation of the original article in Motociclismo (with usual acknowledgements).

Google translation from Motociclismo web site...

"Casalecchio di Reno (Bologna) 24 September 2009 - Directors of Moto Morini have approved the voluntary liquidation of the company, with an Extraordinary Meeting held on 9 September. On 18 September the industry Bolognese presented the books in court, at the Civil Forum of Bologna, asking to be admitted to the composition procedure. The use of agreed position was made necessary by the insolvency of Moto Morini, who, apparently, is unable to pay salaries in September to its 65 employees, which, however, continue to perform all its functions to ensure continuity of production, in the hope that the House Bolognese can recover from the crisis, identifying external funding. This could well be a bank, unless Moto Morini is not even insolvent banks to which it supports for the proper conduct of its activities. Alternatively, the lender may be an individual interested in taking over the company and take on the debt position acquired by the Morini. It remains to be assessed even if Moto Morini has some unfinished business with the suppliers. Sure would be a shame if you do not see come to market the new model of 1200 cc Supermotard derived from Strider, of which he had unveiled the prototype Motorcycling preview and that was expected at EICMA next November."

Financial transactions are different in Italian law, so you need to be careful with the way the words come out. This could be a simple re-finance deal; although it is worrying that the recession results in Morini failing to achieve its' business plan and has to go cap in hand to third parties for further funds.

The key words are "composition procedure". Do you know what they mean? No, neither do I, and neither - I suspect - do MCN. Italians do, and the tone of the rest of the article is somewhat different to that in MCN! Time will tell, and until then - enjoy your Morini.

Also - note that Morini have paid salaries to their staff, and if this is so the Italian press is also reporting inaccuracies. Not surprising, it happens all the time, and I understand that Morini are working on a press release to set out their stall.

Good riding, I'm off to Bologna now...

or Ciao

CC
"I'll use the Morini"
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SteveMRC
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Post by SteveMRC »

Moto Morini says it is “hitting back against internet rumours that have exaggerated the challenges facing the Italian manufacturerâ€￾, claiming it has paid all salaries owed to its 65 staff – though admitting its suppliers’ bills will continue to go unpaid.

“Moto Morini stated categorically that its own intention is to go straight ahead with all the company activities and all actions to date have been made with this in mindâ€￾ they say – an acknowledgement that entering voluntary liquidation yesterday was a deliberate step to avoid having to pay suppliers, who have been unpaid since June.

Under Italian law suppliers now have no right to bring a criminal action against the company for not paying their invoices.

Morini assures us that “The commercial offices, technical, after-sales and spare parts departments are all working normally.

"Moto Morini is currently completing the updates on its range of products and expects 2010 models to be available from middle of October ‘09.â€￾

Morini has sold more bike this year than last but too many of those sales have come from dealers’ running down of stocks rather than ordering more. It’s believed the firm has eight months under protection of Italian law to re-establish its finances.
Morini planned to sell 2000 bikes in 2009, on track for a break-even point of 2500 bikes in 2010.

A source close to the firm says they expect to actually hit a little over 1200 sales this year.
950 ADV
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Post by 950 ADV »

corsaro chris wrote:OK all; this is a Google translation of the original article in Motociclismo (with usual acknowledgements).

Google translation from Motociclismo web site...

"Casalecchio di Reno (Bologna) 24 September 2009 - Directors of Moto Morini have approved the voluntary liquidation of the company, with an Extraordinary Meeting held on 9 September. On 18 September the industry Bolognese presented the books in court, at the Civil Forum of Bologna, asking to be admitted to the composition procedure. The use of agreed position was made necessary by the insolvency of Moto Morini, who, apparently, is unable to pay salaries in September to its 65 employees, which, however, continue to perform all its functions to ensure continuity of production, in the hope that the House Bolognese can recover from the crisis, identifying external funding. This could well be a bank, unless Moto Morini is not even insolvent banks to which it supports for the proper conduct of its activities. Alternatively, the lender may be an individual interested in taking over the company and take on the debt position acquired by the Morini. It remains to be assessed even if Moto Morini has some unfinished business with the suppliers. Sure would be a shame if you do not see come to market the new model of 1200 cc Supermotard derived from Strider, of which he had unveiled the prototype Motorcycling preview and that was expected at EICMA next November."

Financial transactions are different in Italian law, so you need to be careful with the way the words come out. This could be a simple re-finance deal; although it is worrying that the recession results in Morini failing to achieve its' business plan and has to go cap in hand to third parties for further funds.

The key words are "composition procedure". Do you know what they mean? No, neither do I, and neither - I suspect - do MCN. Italians do, and the tone of the rest of the article is somewhat different to that in MCN! Time will tell, and until then - enjoy your Morini.

Also - note that Morini have paid salaries to their staff, and if this is so the Italian press is also reporting inaccuracies. Not surprising, it happens all the time, and I understand that Morini are working on a press release to set out their stall.

Good riding, I'm off to Bologna now...

or Ciao

CC
I think 'composition proceedure' may be nothing more (or less) than legal process: ie getting protection from the court against creditors.
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Mark N.I.
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Post by Mark N.I. »

More in MCN:

http://www.motorcyclenews.com/MCN/News/ ... as-normal/

Again they say workers havent been paid :?

Mark
9 1/2: by no means a lesser Corsaro
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Moto Morini - MCN

Post by Emmohaswheelsagain »

Mark,

Just to balance the reports shown on the MCN web site I have posted a comment.
I visited the factory this week with the MRC and despite no bikes being produced work was being completed in all other areas of the business. Be in no doubt they need cash but the company have prepared for this and are well placed should a new investor appear. If you are a member of the MRC then you will have a treat because a full report, interviews and pics etc will be produced by the club. If you are not of course then it would be worth joining details of which can be obtained on this site.

Paul.

Ps I only found two 9 1/2 in the factory it would appear that more 1200 Sports and Scramblers have been built instead. Shame really but I will email you some photos.
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corsaro chris
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Post by corsaro chris »

All;

Just to confirm what has been said in other posts on other threads - we (MRC members) visited the factory last week and Morini continue to trade and make bikes. 2010 model year machines are in production. All staff have been paid, it is just a legal proceedure they are going through to protect the company whilst they carry out a refinance deal.

Currently Morini are discussing this with a range of interested parties, which - although far from ideal - is not unusual in current circumstances. We'll know more in a month or so and until then, fingers crossed!

CC
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corsaro chris
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Re: Moto Morini go into voluntary liquidation

Post by corsaro chris »

This from the MCN web site yesterday in response to rumours that Morini have closed the factory doors. We can only wait and see;

Rumours Moto Morini has closed rubbished by manufacturer
By Laura Kennerley -
General news
09 December 2009 13:10


Reports that Moto Morini has ceased production have been rubbished by the Italian manufacturer.

It claims that the factory closed for a public holiday on Tuesday and then remained closed for an extra day today.

The company, which launched its 2010 Granferro 1200 at the Milan show last month went in to receivership earlier this year.

Reports in the Italian press claimed it had finally succumbed to financial pressures and closed, but a spokesman for the company said this is simply not true and the company is still trading and producing bikes.

A spokesman for the company said: “At present Moto Morini is only producing bikes to order while they clear a backlog of machines in stock. They remain optimistic about the future.”

There is expected to be a further statement about the company’s further later this week.


CC
"I'll use the Morini"
joc
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Re: Moto Morini go into voluntary liquidation

Post by joc »

MCN:
Troubled Italian manufacturer Moto Morini has been bought for 2.5 million Euros by Paolo Berlusconi, brother of Italian Prime Minister Silvio.

Moto Morini declared itself bankrupt in September 2009 – a move that allows Italian firms six months breathing room to avoid paying debts. The firm has since scaled back production, building bikes to order while a backlog of unsold stock was cleared.

Paolo Berlusconi is no stranger to motorcycles: he also owns Garelli, and is linked with the potential purchase of MV Agusta, which is currently being marketed by current owners Harley-Davidson. Berlusconi’s investment nets him the Morini factory, equipment plus all the rights to the bikes and designs.

Italian publication Motociclismo speculates that a new business plan will be in place and revealed in time for this year’s EICMA show in Milan this November.
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Re: Moto Morini go into voluntary liquidation

Post by corsaro chris »

This is a rough translation of the original article on the Motociclismo web site, posted yesterday, 13th April. Not much in the way of friendly responses on the MCN formum, but we won't worry about that. Usual thanks to Babelfish...

“Milan entrepreneur Paul Berlusconi has offered 2,9 million euro to save the Morini company. He is already the owner of Garelli, and brother of the Italian Prime Minister, and is now in pole position to purchase the historical Bologna brand, together with the plans, the equipment and the assembly lines of the plant of Casalecchio di Reno. In the sale the twin-cylinder engines of 1200 cc destined to equip future models beginning with the GranFerro, introduced at Milan in September 2009, and destined to enter production within the year. The offer of Paul Berlusconi would have put the game outside a consortium of German entrepreneurs, guided by the concessionaire of Morini in Germany, thus avoiding that the Brand and its’ legacy (as part of the history of the Italian motorcycling - the machines led to the first victories of Giacomo Agostini) passed into foreign hands. The offer of Berlusconi, introduced through Garelli, must be now be scrutinised under Italian law and take account of the creditors from the bankrupt company. If allowed, the industrial plans of Morini could be implemented, and might include innovations in time for the next Milan show later this year. This might include a Garelli scooter equipped with a Morini motor of 400 cc (ex Franco Morini? CC). Of the technical staff of Garelli there are technical members from Aprilia, like Dr. Gianpaolo Rocco, expert of business economy, and the technician Giuseppe Bernicchia, with past experience of Aprilia and BMW. Paul Berlusconi is also a possible purchaser of MV Agusta, put up for sale this last summer from Harley Davidson”.

Motociclismo, 13th April 2010.

Good riding

CC
"I'll use the Morini"
alan j
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Re: Moto Morini go into voluntary liquidation

Post by alan j »

I hope he is a nicer man than his brother!! :?: :?: :?:
John Bunting
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Re: Moto Morini go into voluntary liquidation

Post by John Bunting »

The women like the brother!! you are just jealous??
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Re: Moto Morini go into voluntary liquidation

Post by Beveldrive »

Has anyone else heard any more news on Berlusconi's takeover bid?

The June-July edition of Australian Motorcycle News reports that the acquisition has failed due to a failure to reach an agreement with trade unions.
Berlusconi has stated, "The meeting convened by the Department for Productive Activities of the Province of Bologna was cancelled and postponed indefinitely".

Talk about getting your hopes up only to have them come crashing back down! :x
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Re: Moto Morini go into voluntary liquidation

Post by twisty »

from the web dated 13 august 2010

After we posted yesterday that Moto Morini had shut down its production line, amid the Italian company’s financial problems, other publications began covering the company’s complete closure. This caught the folks at Moto Morini off-guard, who while on an extended day-off, insist they are still keeping the production line functioning, if admittedly at a significantly reduced capacity.

According to Moto Morini, the company closed Monday for a traditional Italian holiday, and remained closed for an extra day after that. According to MCN, a spokesman for the company said that Moto Morini is still trading and producing bikes, “at present Moto Morini is only producing bikes to order while they clear a backlog of machines in stock. They remain optimistic about the future.”

While the good news is that Moto Morini’s demise appears to have been overstated, the response from the company is still bittersweet. Any company that has reduced its production to a per order basis, while having a backlong of machines in its stock, is upside down on its production line. Additionally, the lengthening of the holiday also sounds more like a holiday idling, than a generous holiday vacation.

Despite all this, Moto Morini is still actively looking for a potential buyer, and its operating sales, technical assistance and post-sales, as well as spare parts departments remain fully-functioning.

Source: MCN & Motoblog.it
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