Italian bike manufacturer Bianchi has until late May to renegotiate payments of its debts amid a structural reorganisation after the company accrued huge debts.

According to a report by Escape Collective, Bianchi has entered into 'Composizione Negoziata della Crisi' (CNC) on September 30, a court-backed status in Italy which means the company can delay paying its debts for a limited period and is intended to help businesses navigate financial problems.