Financial institutions representing 94% of Pininfarina’s financial exposure have cleared the second phase of a financial restructuring plan set up last December, a media report said on Thursday.
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Pininfarina said in a statement the second phase of the operation involved the sale to the family holding Pincar of EUR70m of Pininfarina loans at par. In addition, under the December agreement, it is foreseen that Pininfarina carries out a rights issue to which Pincar subscribes, the statement said, according to Reuters.
The report noted that the Pininfarina family last 31 December agreed with the institutions on a plan to sell its 50.6% stake in the company in order to help the group handle its EUR600m of debt and after posting large losses.
The further stake in Pininfarina acquired by Pincar is then pledged to the banks, it said, adding the terms of the capital increase have not yet been set.
The financial institutions, who include those providing 95% of Pininfarina’s leasing finance, have asked for further checks on Pininfarina’s business plan, the company said.
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