Bertone, designer of the Lamborghini Miura and Lancia Stratos, has confirmed it has entered court bankruptcy proceedings.
Bertone confirms bankruptcy proceedings
Iconic Italian design house has until the end of April to find a new buyer
Debts have been mounting at the Turin-based firm, which sent the majority of its employees home more than a month ago, and it now has until April to find a buyer. If it fails to do so, the Italian court will sell the company.
Talking to The Telegraph, a company spokesman said "The problem is many debts and very high costs. At the moment everything is blocked. The court is evaluating proposals from foreign companies interested in buying Bertone."
While there have been expressions of interest, the company's future and prospects for the 120 staff it employs remain uncertain. Under Italian law, workers will be paid until production resumes.
In 2012 the company celebrated its centenary, and has styled on the some of the 20th century's most iconic cars. As well as the Miura and Stratos, it's penned the Countach, Alfa Romeo Montreal, Fiat X1-9, and Ferrari 308.