Pininfarina creditors have rejected offers from Indian automaker Mahindra to buy the storied Italian design firm, Reuters reports.
Creditors representing the indebted company rejected the offer from Mahindra as it mentioned writing off half of Pininfarina’s 87 million euro ($97 million) debt. News of the rejected sale was published by Italian magazine Il Messaggero earlier this week.
Sources say Pininfarina is now likely to pursue alternative debt restructuring tactics. The design house’s shares had recently taken an uptick as rumors swirled they were going to be taken over by Mahindra.