An insolvency could have grave consequences for VW as well. Porsche has a 50.8 percent stake in the company. If the sports car manufacturer were to fail, these shares could be swiftly sold to a Chinese automotive company, or perhaps even a buyout firm.
Previous post on the Porsche-VW "atomic wedgie".
Since the collapse of the Lehman Brothers investment bank in September, 2008, companies around the world have had problems acquiring credit. Yet at the supervisory board meeting of Porsche Automobil Holding SE, on March 30, 2009, [Porsche CEO Wendelin] Wiedeking said that "up until a week before March 24," when the €10 billion in loans were due, he was "not aware of the worsening credit situation." He also said that he didn't find out about the banks' draconian conditions for the new contracts until after he started taking part in the negotiations himself.
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