Buying Pininfarina from Mahindra was slowed because creditors would not accept a haircut on the debt. The Italian company is awaiting an new investor or a renegotiation with banks.
L he news we met a few weeks ago indicated that the Indian Mahindra & Mahindra was about acquire Pininfarina . Is the Italian company has the need to restructure its debt and just the Indians were who offered the most convincing plan as well as a good acquisition price of course.
Pininfarina is now in Italian hands.
However, the agreement was hampered by creditors as part of the business an acquittal was required in debt , banks were unwilling to accept. Reports indicate that Mahindra agreed to pay only half of the 87 million euros that Pininfarina owes to banks as part of their negotiations to be made of the Italian firm. [1.99901 million]
With the locking arrangement, the Italians will try to renegotiate its debt in installments or more comfortable await display a new investor . This time it was the banks that manage to save a traditional Italian company, which could not be achieved with De Tomaso and Pirelli, both recently acquired by Chinese groups.
Founded in 1930 Pininfarina which has its headquarters in Turin classic car designed for brands like Alfa Romeo or Ferrari. [1.99901 million]