Legendary Automotive Design Firm Pininfarina Forced to Sell Itself to Banks

Following the tragic, sudden death of the head of the company back in early August, the famous automotive design firm, Pininfarina, has fallen on extremely hard times, now carrying with it almost 600 million euros in debt. Without many options left, the family-owned company has announced that it will be selling itself off to various banks in order to settle its many debts. While it doesn’t mean that the group behind countless Ferrari and Fiat designs will be forced to stop doing what they’ve done for decades, it’s a sure sign of the end of an era in Italy. Here’s a bit:

The deal has to be implemented by the end of January. Without the deal, 2008 losses will wipe out the company’s capital, the statement said.

At the end of November 2008, net debt was 597.7 million euros.

The potential buyer of Pincar Holding‘s stake will have to launch a bid on the remaining stake in Pininfarina.