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Pininfarina prepares to sell off

2009-03-25 07:51
Milan - Italian car designer Pininfarina has said that Leonardo & Co has been hired as adviser to sell the stake held by the group's family holding company, Pincar.

Pininfarina's creditor banks chose Leonardo & Co as adviser from a number of possibilities, the company said in a statement.

In December, Pininfarina said Pincar had agreed with creditor banks to sell its 50.6% stake to help it tackle its debt situation.

Pininfarina, which in 2008 posted a net loss of 204 million euros, said it expects to make an operating loss in 2009 because of the impact of the economic crisis on car sales.

Though the group will not be able to generate operating cash in 2009, existing liquidity will be sufficient to allow it to continue operating, Pininfarina said.

The company, which has designed vehicles for Italy's leading car maker, Fiat, was hit by tragedy last year when its chairman and chief executive, Andrea Pininfarina, died in a car crash. He was the grandson of the founder, Battista "Pinin" Farina.

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