Stile Bertone Declared Bankrupt, Assets Go Up For Sale

Italy's Bertone, established in 1912 as a coachbuilder, has been hit hard by financial strife in the past decade, with the company forced to end its vehicle manufacturing operations following the financial crisis of 2008 and split off its Stile Bertone design house. Unfortunately, Stile Bertone has continued to suffer and in March of this year it started seeking a buyer to save it from bankruptcy. We’re sad to report that Stile Bertone was unsuccessful in its search for a savior, as the design house has finally declared bankruptcy and its assets are now being put up for sale. The official date of bankruptcy was June 4, 2014. Ward’s Auto, citing company sources, reports that Stile Bertone has accumulated some €31 million ($42 million) in debt in the past five years—even with the company generating revenue of €14.5 million ($19.7 million) in 2010 alone. There are hopes a major automaker will step in and buy the assets of the bankrupt design firm, but it looks unlikely. The sources say there are few assets to sell. There is some land and buildings, as well as a car collection. However, due to the collection being considered national heritage, the cars must be sold together under Italian law.