It appears that Indian auto giant Mahindra & Mahindra will not be getting Pininfarina after all as several Italian banks of the design firm rejected the automaker's bid.

According to Reuters, three or four creditor banks of the troubled design house denied Mahindra's offer as they were not satisfied with the proposed terms. Moreover, Mahindra's offer will actually erase half of Pininfarina's debts that currently amounts to EUR 87 million (about PhP 4.3 billion).

As a result, Pinfarina now plans to seek a debut restructuring deal as a way to keep themselves afloat.

Source: Reuters