Report: Creditors Reject Mahindra’s Bid for Pininfarina

Creditors have rejected a bid by India's Mahindra & Mahindra Ltd. to acquire Italian design house Pininfarina SpA, according to Il Messaggero.

The newspaper says several banks balked at Mahindra's offer, which reportedly would entail writing off half of Pininfarina's €87 million debt. Reuters said neither company has commented.

Pininfarina designed such Ferrari classics as the 250 GT, Enzo and Testarossa. But it has struggled with operating losses for years. Reports in May said the company currently is valued at about $152 million.