De Tomaso files for bankruptcy

More than a year since a new concept was unveiled at the Geneva motor show, the De Tomaso car company has once again filed for bankruptcy, after former Fiat executive Gian Mario Rossignolo rescued the failed manufacturer in 2009.

Rossignolo bought the rights to the company, and produced his vision of a De Tomaso for the 21st century – unlike De Tomaso sports cars of old, the Deauville (or SLC) was a high-performance compact SUV, focusing on luxury, not performance.

Following the unveiling of the Deauville concept in 2011, Rossignolo struggled to find financial backing for the company, and although talks were ongoing with Chinese investment group Hotyork, nothing ever came of the deal – leaving De Tomaso in debt with suppliers and unable to pay staff.

The company has now filed for bankruptcy, and the remaining assets will be stripped and sold by a court-appointed administrator, unless a buyer can be found.