TURIN – The Turin bankruptcy court rules custom coachbuilder Bertone SpA is not on the verge of insolvency and agrees with a premise put forth by company shareholders that there is no existing majority entitled to run the company.

As a result, the court is ordering one or more commissioners to be selected by the Ministry for Economy and Labor to examine the state of Bertone and present a report to the court within 30 days of being appointed. The court then will rule on the company’s future.

The court decision was prompted by the inability of the company to hold a shareholder meeting after another office of the court confiscated the shares that were held by Lilli Bertone and transferred to NewCo, a new company formed by Lilli Bertone and investor Domenico Reviglio.

Reviglio earlier signed the deal to purchase a controlling stake in Bertone but called the deal off after legal battles over the operations began to ratchet up. He now says he remains committed to rescue Bertone’s ailing manufacturing arm, Carrozzeria Bertone SpA.

It will be up to the appointed commissioners to decide whether to recommend the sale be approved or whether a different reorganization plan is the better path for the company.

Carrozzeria Bertone will need enough contracts to keep its assembly lines busy and possibly make a profit. Bertone’s design operation, Stile Bertone SpA, is not in trouble. It has enough contracts to remain profitable and only needs to remain isolated from the factory’s troubles.

One alternative is to sell all assets, pay all creditors, dismiss the workforce and liquidate Carrozzeria Bertone.

Estimates are selling Carrozzeria Bertone’s facilities would generate at least €40 million ($58 million).