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Porsche requests loan from Germany’s state bank
Porsche has to be doing something wrong, they are one automaker that is profitable and have a huge stake in Volkswagen. The most puzzling thing is, cash is in short supply for the German company and have approached Germany’s state bank for a loan of maker’s 1.75 billion euro ($2.45 billion USD), but the request has been denied.
Autoblog says that Porsche are now looking for alternative ways of finding the cash, but what could that be. Automotive News who is the original source of the story has said that Porsche has been looking outside of Europe to try to steam its increasing debts.
VW has seen that Porsche is like a wounded animal and have given them an ultimatum, VW have offered 3-4 billion euro ($4.2-$5.6B) for a 49% stake in Porsche, this will be in exchange for not forcing the repayment of a 700 million euro loan ($983M) which is due in September. As you would expect, the sportscar maker has turned the offer down.
Could this be the next big automaker filing for bankruptcy just as GM and Chrysler have in the U.S.?
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