Porsche loan request rejected

State bank rejects £1.5 billion aid request
1 July 2009

Porsche has had its application for a 1.75 billion Euro (£1.5 billion) loan rejected by German state-controlled bank KFW.

Porsche has a nine billion Euro (£7.7 billion) debt mountain which it acquired in the course of a failed takeover attempt of Volkswagen.

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After failing to secure a 1.75 billion euro (£1.5bn) loan from commercial banks, Porsche turned to KFW and submitted an application for an extraordinary loan.

Porsche said on Tuesday that KFW had rejected the loan application, adding it would not make another request for a loan with the bank.

Porsche is reported to be in talks to sell part of its VW stake to Qatar, and is under pressure to merge with VW.

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Comments
1

webbrowan

14 December 2016
It seriously seems like all the automobile companies are in some sort of financial distress right now! No matter where in the world they are, why are they all facing such big losses? The numbers for car purchasing are all up and there is still plenty of demand for vehicles all around the country, so why are these companies facing such issues? We really need to examine what the underlying reasons are rather than just providing them some sort of bail-out!

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