BERGAMO, Italy (BRAIN) — The storied Italian cycling brand Bianchi has entered a restructuring mode under protection of the Court of Bergamo.
The restructuring was first reported by EscapeCollective.cc late Monday.
Court documents obtained by BRAIN confirm that Bianchi applied for creditor protection on Sept. 30; the court approved the protection on Oct. 16. The order grants creditor protection for four months from the application date, which can be extended. The order prevents creditors from seizing factory equipment, bank accounts, or inventory.
The court has appointed Eugenio Bissocoli to oversee the restructuring negotiations. His role is to act as a mediator between Bianchi and its lenders to draft a debt-repayment plan.
Bianchi, which dates to 1885, is owned by Sweden-based Cycleurope/Grimaldi Industries, which is funding the restructuring efforts.
The company’s liabilities are estimated at about 100 million euros (about $112 million) according to its most recent annual financial report for the 2024 fiscal year.
Bianchi opened a new headquarters and factory in Treviglio, Italy, in 2024. Factor announced this week that it was replacing Bianchi as bike sponsor of the Bahrain-Victorious World Tour team. Bianchi was the team's bike supplier for just one season.
Bianchi was founded by founded in Milan, Italy, in 1885 by a 20-year-old mechanic named Edoardo Bianchi. In the early 1990s it was owned by Piaggio, which also owned the Peugeot bike brand. It has been part of the Grimaldi Group since 1997. Grimaldi’s other bike brands are Crescent, DBS, Everton, Gitane, Kildemoes, Koppla, Monark, Puch, Sjösala, Spectra, and Tec.
The company and its PR firm did not immediately respond to questions from BRAIN on Tuesday.
