For the time being, fabled coachbuilder Pininfarina remains an Italian company. Indian automaker Mahindra has been negotiating to buy the design house over the last few months. However, at least three banks that own part of Pininfarina's debt rejected the buyout offer, according to Reuters citing an Italian newspaper.

Mahindra's deal reportedly would have written off half of Pininfarina's $97 million in bills, but the company's creditors didn't accept that plan. This purchase falling through still leaves the famous designer on shaky financial footing, though. The business now intends to attempt a debt restructuring, according to Reuters.

Rumors of Mahindra's attempt to buy Pininfarina arose in late March, and the deal was reportedly nearly complete at that time. The two companies previously worked together on the Halo EV concept. The offer came in part because the Italian designer has been struggling financially for the last several years. In 2011, it even left the auto manufacturing business to focus on styling. The company still knows how to create a beautiful machine, though, with recent examples like the Sergio (pictured above) and James Glickenhaus' Ferrari P4/5 Competizione.

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