Less than a decade ago, Fiat, the largest private manufacturing company in Italy, seemed bound for the scrapheap. The carmaker had celebrated its first 100 years in 1999 and had weathered other financial storms in the recent past. However, when it had to negotiate a huge convertible loan with its bankers in 2002 the prospect that it would progress much further into its second century looked slim. Yet Fiat survived and, in sorting itself out, was also able to save another stricken carmaker.
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