Say it isn’t so! I was very shocked to learn that our beloved Porsche company has actually been near bankruptcy in the recent months. I, as most of you probably did, assumed that since Porsche had not released any sort of information about their finances, was not in any trouble at all. However, I was wrong.
Porsche has done great for the past few years, selling many different cars and even increasing their share of ownership of Volkswagen. It looks like they were going to take over the German company, in fact. In a time when American automakers are going under or selling off factories and car lines, Porsche appeared to have no troubles. But that wasn’t entirely true, it looks like.
The first sign of trouble was Porsche announcing that instead of taking over Volkswagen, the two were going to merge. OK, that’s not a big deal, right? Well, this was followed up by an article in a German magazine that said Porsche was near bankruptcy in March! They had to take a 700 million euro loan from Volkswagen to keep from going under, but they were still short 2.5 billion. They’ve asked the German government for a loan, in fact, to help them deal with this remaining debt. Want to hear some really scary information? Apparently Porsche has over 9 billion euros of debt, which, when translated into US dollars, is 50% more than what failing American car manufacturer Chrysler has! Here’s hoping Porsche is able to handle that debt quickly.
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