Bertone entered bankruptcy proceedings earlier this year and has finally been declared bankrupt because the company failed to find a buyer or produce a credible business plan to keep them going.

Bertone entered bankruptcy proceedings earlier this year and has finally been declared bankrupt because the company failed to find a buyer or produce a credible business plan to keep them going.

According to Wards Auto, Bertone accumulated €31 ($42.1 / £24.6) million worth of debt in less than five years despite an uptick in business. It remains unclear what went wrong but employees told the publication about "horror stories and business-related disasters" during their tenure at the firm.

While there had been hope that an automaker would come to the rescue there doesn't appear to be much left of the company other than its land, buildings and car collection which can only be sold as lot because it is classified as an “historic national heritage” in Italy.

 

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Bertone declared bankrupt as the company fails to find a buyer