Crisis-hit car maker Fiat on Wednesday said through a spokesman that reports of a spinoff of loss-making core unit Fiat Auto were “just media speculation”, Reuters reported.

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A financial source told Reuters earlier on Wednesday that a plan to separate the car unit from its parent was “taking shape”, saying it was part of an existing loan accord between Fiat and its main banks.

The spinoff possibility as well as Colaninno’s plan were expected to be discussed by the chief executives of Fiat’s creditor banks, meeting earlier on Wednesday, Reuters noted.

A financial later on Wednesday told Reuters that Fiat’s creditor banks would not consider any plans for the crisis-struck industrial group which have not been backed by Fiat’s board.

The banks did not discuss any details of their meeting, Reuters said.

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