Pininfarina has suffered financial difficulties due to over extending itself in the last two years on its contract manufacturing operations, which includes niche model assembly programmes for Alfa Romeo (above, Alfa Spider), Mitsubishi, Volvo and Ford.

Pininfarina have announced that its industrial restructuring proposals which were due to be presented to the board of directors and revealed this Friday have now been put back until 10th March.

In a statement issued by Pininfarina the company says: "Contrary to what was previously announced, we inform that the Board of Directors scheduled for February 15 – with the reviewing of the 2007 preliminary year-end data on the agenda – will be held on March 10 2008. The date has to be postponed in order to complete the financial plan which, together with the industrial plan and the operating data, will be reviewed during the Board meeting, at the end of which a comprehensive information will be given to the market," the statement concludes.

Pininfarina has suffered financial difficulties due to over extending itself in the last two years on its contract manufacturing operations at its Grugliasco, San Giorgio and Bairo facilities, which include niche model assembly programmes for Alfa Romeo, Mitsubishi and Ford. It also has a Udevalla, Sweden-based production venture with Volvo. In total Pininfarina has 1,900 staff dedicated to manufacturing activities.

Swirling recent rumours have suggested that Bolloré Group, a French industrial conglomerate which in December announced a joint venture with Pininfarina to produce a new electric city car, could ride to the rescue and take a stake in the Turinese designer; although Bolloré and Pininfarina have both denied the talk.

The delay will put the announcement in the frame shortly after next month's Geneva Motor Show. At the Swiss show Pininfarina is set to present an innovative new concept show car, called the Sintesi, which makes use of 'clean' propulsion methods and offers a ground breaking approach to the chassis design.