In accordance with the Ministerial Decree dated 3rd December 2018, the Italian Ministry of the Economic Development has placed Piaggio Aero Industries S.p.A. (“Piaggio Aerospace”) into the Extraordinary Receivership proceedings pursuant to the Italian Law Decree No. 347 dated 23rd December 2003 which was subsequently converted into Law No. 39 dated 18th February 2004 as subsequently amended (the “Marzano Law”). At the same time and in accordance with the aforementioned decree Vincenzo Nicastro was appointed as the Extraordinary Commissioner.
