Re: REPORT: Porsche facing dire times
reginos:
andrea:
reginos:
Wonderbar:
Not sure what this means, but it could not be good news for Porsche..
Press-Information No. 17/09
30/06/2009Alternative Financing Possibilities Being Considered
Porsche not Applying to KfW for a New Loan
Stuttgart. Porsche Automobil Holding SE, Stuttgart, has been denied a loan for Euro 1.75 billion from the German Kreditanstalt für Wiederaufbau (KfW), following the Company’s application to such effect. In its letter the KfW states that Porsche “may naturally contact us again at any time with a further application for a loan.” In the interest of the Company’s credibility, Porsche will however not resort to this offer.
Porsche has always stated that the loan was to be an operating loan not in any way burdening the German taxpayer. According to the application, the KfW would have joined the syndicated credit now endorsed by 16 banks, which is subject to the usual market interest rates and is backed by Volkswagen shares as collateral.
Following this decision Porsche will start talks for alternative financing possibilities.KfW gives loans to companies directly hit by the recession. Porsche's problems may have been compounded by the recession but their real cause was the genious moves of Wiedeking and Financial Director Holger Haerter.
I think Harter is not a donkey now.... until 2008 he was a genius... and he achieved very good results in the past years
He played a very risky game and lost and put his company in jeopardy.
He may be an accomplished fianancial man but everything is judged by the end result.
Yes but I would like to see in deep the Porsche financial problem...I think we know only a little part of the story..
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Dedi La vita è troppo corta per non guidare italiano.....