Benelli declared bankrupt by Italian court.
Benelli has been declared bankrupt.
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The court order about bankruptcy was made despite Benelli’s parent company, the chinese firm Qianjiang (Q.J.) Group offering to pay the outstanding debt of 120,000 euros to WP Suspension. In the process of the bankrupt ruling a trustee has confiscated stock of bikes in Italy as collateral for outstanding payments.
A statement from QJ group says that the Italian brand is financially strong and has enough cash (rumoured to be around the one million euro mark) to pay debts. Benelli has appealed the bankruptcy decision in the Court of Appeal in Ancona, Italy.
With QJ group investing heavily into the brand, it’s puzzling as to why the debt to WP Suspension has been allowed to go on for so long that this court order has happened. QJ group has been promoting the brand heavily in India where Benelli is claimed to be one of the quickest growing brands on the marketplace. Benelli also debuted a handful of concept bikes at last year’s EICMA show.