January 31, 2023, is a momentous day for MV Agusta. That’s when the Varese-based company announced that it had officially reached a state of “final resolution of the composition with creditors.” In plain language, what that apparently means is that the MV Agusta was legally declared to have satisfied all outstanding debt with its creditors.
On December 29, 2022—just a couple of days before the start of 2023—the Varese Court made the official declaration that all obligations MV Agusta had previously had with its creditors were now satisfactorily settled. Surely, all involved must be breathing a sigh of relief at having achieved such an accomplishment, because motorcycle history is filled with marques that couldn’t come back from the brink.
MV Agusta entered its debt restructuring deal with its creditors in 2017, at which point the Sardarov family contributed financially to get the program going. Four years ago, Timur Sardarov took the reins at the company, and has overseen the process during that time, up until its successful conclusion.
“Since my arrival at MV Agusta, the settlement of the Composition with Creditors has been one of my main objectives, in order to regain the trust of our clients and our suppliers. Despite the negative effects of the pandemics, the strong increase in the cost of raw materials and the outbreak of war in Ukraine, the engagement and the professionalism of MV Agusta’s management brought this important result home,” Sardarov said in a statement.
“We must now look at the future with renewed confidence, comforted by the success of our new models. The partnership with KTM AG is already bringing new energy to our business on all fronts, from the production of new models and the expansion of our dealers network to the improve of the services quality for our clients. Our dark years are over, as we have finally created the conditions for MV Agusta to write a new chapter in the history of motorcycling,” he concluded.
What kind of future will it be? Paying off debts is freeing in many ways, and presumably even more so if you’re a historically significant OEM. We look forward to seeing what MV Agusta’s future brings, as well as its new partnership with Pierer Mobility and KTM.