Famed Italian design firm Pininfarina – best known for its work with Ferrari – has fallen on hard times as of late, with mounting financial issues and the recent tragic passing of its former CEO, Andrea Pininfarina. However, it looks as though things might be getting brighter for Pininfarina as the firm is reportedly nearing a debt deal with most of its creditors.

According to a source familiar with the situations, Pininfarina is close to signing a deal that would reschedule $867 million of the company’s debt. “The banks have agreed in principle,” the source told Reuters. “It is just a question of signing on to it.”

Although details remain scarce on the deal, it is believed that the deal will be inked by the end of the month. Once the agreement is in place, Pininfarina’s payment schedule will be extended from three years to seven.

However, the rescheduling of its debt is only part of Pininfarina’s restructuring plan. Once the company’s debt is squared away, Pininfarina will start focusing on raising capital, likely in the neighborhood of $142 million, according to Automotive News. Those funds will be used to develop an upcoming electric car, which was previewed by the Sintesi Concept that debut at last year’s Geneva Motor Show. Pininfarina’s electric car program is being jointly run with France’s Bollore.

Pininfarina’s turnaround plan also calls for the Pininfarina family to reduce its stake in the company – from 55 to 30 percent – allowing room for outside investors.

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