Italian Court approved giant Italian automaking firm, MV Augusta, to establish its new business plant with its creditors and suppliers. However, as per the reports, the company is planning to have the deal with the Black Ocean Group.

Rumors allege that Black Ocean will take over the position of the Mercedes AMG in the company if the partnership gets finalized. The MV Augusta is suffering from some financial problems, which led it to take debts from other firms.

The company's employees reduced to 200 workers and now it has the target to produce the 5,000 motorcycles a year. The current debt of the company is 40-50 million Euro. Mercedes AMG holds the 25% stake of the company.

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