Bertone is heading for receivership as an Italian bankruptcy court fails to be convinced by Lilli Bertone's (above, with Domenico Reviglio) latest rescue plan and will now set about appointing a commissioner to run the company. Photo: La Stampa.

Bertone is finally heading for receivership as an Italian bankruptcy court has failed to be convinced by Lilli Bertone's latest rescue plan and will now set about appointing a commissioner to run the company. The Turin bankruptcy tribunal, under the direction of Judge Vittoria Nosengo, could in fact appoint several commissioners to manage the company and decide on its future by the time the court is scheduled to sit again on 8th February.

The court appointed commissioners will be given the full authority to run the Turinese firm and develop a plan to rescue the company which has been standing idle for two years since an assembly contract with GM's Opel/Vauxhall division expired.

It is expected that their first action will be to try to extend the government-funded redundancy payments for the workers which wasn't renewed when it ran out on 31st December, after Lilli Bertone abruptly changed the long running negotiations with former Telecom Italia and Zanussi President Gianmario Rossignolo in favour of proposals tendered by Domenico Reviglio who runs the turnaround company Keiper. Rossignolo had outlined plans to built a coupé-convertible, SUV and pickup at the plant, and the Italian authorities had agreed to extend the worker payments just before the New Year break on the basis that the talks were about to conclude successfully.

However Lilli Bertone's unexpected announcement that the negotiations with Rossignolo had ended and that she had entered into an agreement with Reviglio, who has also been closely involved in Gruppo Prototipo which includes the Nardo Ring amongst its assets, saw the negotiated payment scheme, which was announced on 29th December, not put into action. The entrance of Reviglio into the frame caused a rift with other members of the Bertone family. Lilli, who controls a 65 percent stake in Carrozzeria Bertone, is reportedly only talking to other family shareholder members, including daughter Barbara, through lawyers.

Judge Nosengo was reportedly unimpressed by Reviglio's plans, which haven't been outlined in public yet, when they were presented during the hearing yesterday. The unions, who have long favoured a Tribunal solution, are satisfied with yesterday's turn of events. Rossignolo is expected to re-enter the frame after his abrupt removal from negotiations, while Reviglio will also have further time to outline his bid. The court will sit again on 8th February when it will formally arrange to seize Bertone's assets.