Pininfarina Family to Lose Control of 82 Year Old Company

Pininfarina Family to Lose Control of 82 Year Old Company

Pininfarina has helped design every modern Ferarri sportscar since the 50’s. But the company has posted a loss of $22.1 million in the first nine months of 2011.

According to Reuters, creditor banks are working on an agreement to restructure Pininfarinas  $99 million debts. One source says “”The agreement will fix the capital structure for the foreseeable future.” However, when the agreement is reached, it will give the banks control of the Pininfarina’s 77 per cent stake in the company. This would effectively end the family’s ownership 82 year ownership of the company.

Pininfarina shareholders will hold a meeting on Wednesday to hear how management plans to turn a profit.

Many cars that Pininfarina has helped design are known for being jaw-droppingly gorgeus. Some current examples include the Ferrari 458 (Seen above) and 599 GTB. Pininfarina also design the Maserati Quattroporte, and GranTurismo.

Hopefully new ownership will keep on designing some of these beauties.

[Source: Reuters]

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