• Most Popular
  • Most Shared

Market turmoil prompts Pininfarina to revise plans

Fri Sep 26, 2008 2:03pm EDT

Stocks

   

MILAN, Sept 26 (Reuters) - Italian car designer Pininfarina (PNNI.MI) will review its industrial plan, including a possible extension of its debt repayment deadlines, because of current market turbulence, it said in a statement on Friday.

The company designs cars for Ferrari among others. It noted that many auto makers had announced big falls in volumes for 2008 and 2009 because of the credit crunch.

Pininfarina said agreements with banks had to be finalised ready for a board meeting on Nov. 12 in order to allow a capital increase of 100 million euros to go ahead.

The company and its banks, including Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI), have been in talks since signing a standstill agreement on the debt on Aug. 1.

It said its joint venture with French financier Vincent Bollore to produce an electric car would go ahead as planned and the concept design would be presented at the Paris car show on Oct. 2. (Reporting by Jo Winterbottom; Editing by Paul Bolding)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets