Looks like Porsche is really in trouble. Stuttgart’s finest has just been denied of a loan by a German national bank called KFW. The said 1.75 billion euro load (estimated to be around US$2.5 billion) was to be used to pay in partial Porsche’s almost 9 billion euro debt (almost US$12.6 billion).
So far, the sports car maker has been able to borrow 10.75 billion euros in bank financing since March to feed their debt. It even went as far as Qatar in the middle east, in an attempt to sell a big portion of their shares.
To rub salt on Porsche’s wounds, Volkswagen tried to buy almost half of the car maker’s assets at around 3-4 billions euros. This attempt was an offering to forget about the 700 million euro (US$983 million) Porsche borrowed from Volkswagen. But pride still reigns supreme in Stuttgart, refusing the offer altogether.
Well, for all you Porsche fans out there, we hope the car maker finds ways in dealing with their debt soon. Or else, we may be in for another bankruptcy. Only this time, it’s not going to happen in Detroit.
http://www.autoblog.com/2009/06/30/porsche-loan-request-rejected-by-germanys-state-bank/










