No More: Italian Company De Tomaso Seeking Buyers to Avoid Bankruptcy

It's almost the end for storied Italian automaker De Tomaso, according to Reuters and Torino Today. The company is reportedly close to closing its doors, but has tried reaching out to major automakers for support to help avoid bankruptcy.

De Tomaso is perhaps best known for the Pantera, a sports car launched in the 1970s that was powered by a Ford V-8. The revived company, which was born out of the ashes of a former Pininfarina plant, seemed to perpetually be struggling. Last year it revealed the SLC concept -- later renamed Deauville -- which was essentially a crossover based on the Cadillac SRX.

Though De Tomaso has apparently wanted to sell 3000 copies of the Deauville annually for $115,000 each, the company eventually sold the rights to a Chinese company. Chinese automaker NAC, a sister company of SAIC, reportedly paid $19.4 million for production rights to the new Deauville.

The De Tomaso company has apparently admitted that it must close up shop and cease operations. The company hopes to avoid a bankruptcy and come to agreements with creditors. However, Reuters reveals that the government of De Tomaso's home region of Piedmont, Italy, has reached out to large automakers for support. One of the companies contacted was BMW, though the automaker reportedly denied any interest in purchasing either the De Tomaso company or any of its assets.

Sources: Reuters, Torino Today

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