Italian media is reporting India's Mahindra & Mahindra has failed to acquire troubled design house Pininfarina.

Back in March this year we heard a rumor about Mahindra's plans to buy Pininfarina, but it now seems that won't happen as the creditors are not satisfied with the offer. Three or four banks have denied the deal because it stipulated erasing 50% of Pininfarina's massive €87 million debt, according to Italian publication Il Messaggero.

The same source mentions Pininfarina now aims to obtain a debt restructuring deal to keep the legendary design house and coachbuilder afloat. We remind you their latest project is the Ferrari Sergio, a special model developed to celebrate Pininfarina's 85th anniversary. It is based on the 458 Spider and only six cars will ever be made, but all of them have already been sold.

Gallery: Mahindra’s plan to buy Pininfarina falls through

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