Trouble at Bertone

It was hoped that Bertone would be exhibiting its latest concept, the B.A.T.11, in Geneva this year, a design inspired by the B.A.T.5., B.A.T.7 and B.A.T.9 concepts developed between 1953 and 1955. The car is based on the Alfa Romeo 8C Competizione. But after receiving a release from Stile Bertone announcing the prototype on February 13, the company's communications department sent through another email stating that it would not, in fact, be attending the show this year.

These conflicting reports stem from the coachbuilder's massive financial complications, which began some time ago but were greatly emphasized when the company filed concordato preventivo, the equivalent of the US's Chapter 11 bankruptcy, in November last year. Carrozzeria Bertone had sought bankruptcy protection while it underwent 'reorganization' following a slump in manufacturing since it ended a 2,000 unit run of the limited-edition Mini GP in 2006. Its once thriving production line has been idle since then, having lost a total of €37.3 million ($55.4 million) on sales of €325 million ($482.9 million) in the last three years. Meanwhile, the company has been forced to pay its 1,350-strong workforce since January, when a state-funded program expired and workers returned to the facility despite having no work.

Since November, Carrozzeria Bertone has been having its fate decided by a bankruptcy court in Turin, having initially been sold to Gianmario Rossignolo, a former CEO of Lancia, in December. Rossignolo's plan included retaining 990 members of Carrozzeria Bertone's workforce and build 9,000 cars in 2009.

While it appeared that CEO Lilli Bertone, the widow of Nuccio Bertone, and her two daughters Barbara (COO of Carrozzeria Bertone) and Marie-Jeanne (Vice Chairman of Stile Bertone) were in agreement, another bidder - turnaround specialist Domenico Reviglio, founder of Gruppo Prototipo who now runs a company called Keiper - won the approval of Lilli Bertone. She agreed to sell both the Carrozzeria and Stile Bertone to him in early January, even though she did not control all the shares she had negotiated in the sale, without notifying her daughters. Lilli Bertone then removed her daughter Barbara from her position as COO of Carrozzeria Bertone.

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By Eric Gallina