Pininfarina is on track in the quest to restructure its debt, according to a report from Reuters. The famed Italian styling house shuttered its manufacturing business in 2011, ending a joint venture with Volvo that had seen Pininfarina assemble the C70, in order to focus on its automotive design business.

While good news for the long-term financial health of the company, the deal will hand the Pininfarina family's 77-percent controlling share over to creditor banks that include Intesa Sanpaolo, UniCredit, Mediobanca and Banca Monte dei Paschi di Siena.

Previous plans called for a sale of the company, but Reuters reports that no serious offers were ever made – apparently, because any potential suitors can contract with Pininfarina whenever necessary, outright ownership of the company was deemed unnecessary.

In any case, it sounds as if Pininfarina's design consultancy will continue to pump out beautiful Italian shapes for the foreseeable future, the only change being that it won't be controlled by the descendants of Battista "Pinin" Farina as it has since its founding in 1930.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 10 Comments
      transam
      • 2 Years Ago
      Like BMW, Ferrari (and Pininfarina) have been turning out ugly models lately. I remember when Ferrari's were more about absolute beauty and status rather than all out performance. Obviously there needs to be leading edge performance in the brand, but why do their cars have to loose their beauty?
      • 2 Years Ago
      [blocked]
      IBx27
      • 2 Years Ago
      If I were them, I'd be glad to disown the company after they put out such hideous glorbs as the ferrari station wagon.
      Big Squid
      • 2 Years Ago
      Che vergogna.
      • 2 Years Ago
      [blocked]
      GearHeadDeals.com
      • 2 Years Ago
      wow 2 instances of great italian companies possibly losing it in as many days...not good signs
      GelatoA
      • 2 Years Ago
      I don't understand this crappy age where kias and chinese cars sell by the bucketload, and classic companies with a huge pedigree like pininfarina are going down the tubes...
      jennifer.clark13
      • 2 Years Ago
      hi Jeremy, Thanks for writing about my story. I was at Pininfarina headquarters yesterday, and I interviewed the CEO, Silvio Pietro Angori. He says he hopes the family will continue to be invovled in the company, and I am sure it will. It looks like Angori has the design house on a firm footing now. They are presenting a concept car in Geneva and have an interesting project going for electric powertrains for buses. Angori was pretty confident that the company is finally turning the corner.