Iconic Italian design house Bertone has officially entered bankruptcy proceedings, according to a company official.
Speaking to Autocar, a spokesman confirmed that the company had until the end of April to find a buyer. Although there have been expressions of interest, the future of Bertone remains uncertain. If a buyer cannot be found before the April deadline passes, the Italian court will sell Bertone.
The situation remains bleak for the 120 workers employed by the company. Currently, only administration services are being staffed, with other workers having left the manufacturing facility at the end of January. Under Italian law, those workers will be paid until production resumes.
Speaking to The Telegraph newspaper, a spokesman for the company said its problems revolve around "many debts and very high costs".
Rumours that Bertone would cease trading due to its financial difficulties have circulated for weeks, but this is the first time the company has confirmed its fate.
The company celebrated its centenary in 2012.
Read Steve Sutcliffe's reflections on Bertone in our picture special.