De Tomaso is on the brink of bankruptcy

Article by Christian A., on May 16, 2012

Italian automaker De Tomaso is on the brink of bankruptcy but before it gives up totally, it makes a final attempt to ask for the support of major automakers, according to reports by Reuters and Torino Today. De Tomaso has solidified its reputation with the Pantera, a sports car with a Ford V-8 engine that had its launch in the 1970s. It seemed that De Tomaso’s suffering is relentless. De Tomaso had been formed from the demise of a former Pininfarina plant. In 2011, it unveiled the SLS Concept (its name was later changed to Deauville). It’s basically a crossover based on the Cadillac SRX.

De Tomaso had a plan to sell 3,000 units of the Deauville (with a price tag of $115,000) each year. However, it later decided to sell the production rights to a Chinese firm for $19.4 million. The buyer company was NAC, a sister company of SAIC. De Tomaso has acknowledged that it would have to shut down and end operations even as it hopes to evade bankruptcy and enter a deal with creditors. Reuters said that the government of De Tomaso’s home region of Piedmont, Italy, has approached big automakers for support. BMW is one of the companies being courted. So far, BMW has not denied being interested in buying the company or its assets.

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