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porsche bankruptcy?

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Old 05-27-2009, 11:48 AM
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Exclamation porsche bankruptcy?

hi 6speeders
anyone here of a story that Porsche had to secure a 980mil loan from VW
in order to avoid bankruptcy in MAR 09! say it ain't so! this economy has definitely taken it's toll!
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Old 05-27-2009, 01:56 PM
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Porsche bought too much of VW, and now has no money. Unbelievable given that Porsche has been the world's most profitable auto company. Sure, sales are down all over but that's not the problem here. They'll survive, even if it means selling some of their interest in VW...
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Old 05-27-2009, 02:00 PM
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As I understand it, they are cash poor and need to refinance around 2.5 billion in debt. Many of their recent gains were due to VW options, which they don't have the liquidity to exercise. I don't think they will go bankrupt, but they need someone to keep them afloat.
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Old 05-27-2009, 04:12 PM
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Quote:
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As I understand it, they are cash poor and need to refinance around 2.5 billion in debt. Many of their recent gains were due to VW options, which they don't have the liquidity to exercise. I don't think they will go bankrupt, but they need someone to keep them afloat.
Right. They acquired so much of VW that German law had to be amended to accomodate them

They are, as jdkerner stated, the most profitable car company on the planet. I wouldn't worry.
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Old 05-27-2009, 04:25 PM
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Originally Posted by texas2904 View Post
As I understand it, they are cash poor and need to refinance around 2.5 billion in debt. Many of their recent gains were due to VW options, which they don't have the liquidity to exercise. I don't think they will go bankrupt, but they need someone to keep them afloat.
is there a merger in the works with VW? and will that dilute the Porsche name? i've always loved porsches ever since i was a kid, my dream car coming out of professional school was the 911 Turbo! hope they come out of this better than ever?
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Old 05-27-2009, 04:39 PM
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This was a lead story on CNBC yesterday afternoon. Porsche even had to borrow money from VW at one point. It's all very convoluted, I hope they stay afloat.
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Old 05-27-2009, 05:43 PM
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They've dug themselves a very deep and scary hole and may in fact have some trouble surviving. I don't see how they go forward without a major refinance. It's going to be interesting to see where they find the money.
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Old 05-27-2009, 05:54 PM
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Looks like they'll be selling some shares. Does that mean the price of VW shares will drop?
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Old 05-27-2009, 06:11 PM
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Looks like they'll be selling some shares. Does that mean the price of VW shares will drop?
VW's priced probably at 3 or 4 times what it's worth, that's the big problem. 213 Euros today, probably should be 50.
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Old 05-27-2009, 06:24 PM
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Cue the short-selling hedge funds.....
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Old 05-27-2009, 06:35 PM
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Old 05-27-2009, 07:48 PM
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Porsche was on the brink of bankruptcy for three days during the month of March. They had to borrow 700 million Euro from VW (which they tried to hide) and are now in need of another 2.5 billion Euro injection.

Porsche is not doing well - at all, it doesn't matter if they're the worlds most profitable car company. They're sales are down 30% YTD and will continue to fall. I don't think any car company is doing well at the moment.

With both families feuding like crazy, the next few months will tell a lot about what happens to Porsche.

Here's a very good read from the Financial Times - made the front page two days ago, I believe.

http://www.ft.com/cms/s/a4452134-495...om%2Fhome%2Fus

Last edited by daKrisht; 05-27-2009 at 07:51 PM. Reason: link added
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Old 05-29-2009, 02:41 AM
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I sure hope not. From what I understand, VW wants the control Porsche while Porsche wants to control VW. Current economic times are bad, but I would hate to loose an performance icon like Porsche. They need to work everything out with VW, cut cost, and get through next few years.
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Old 05-29-2009, 04:59 AM
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Wow, thats news to me!
Surely if it did get really bad some very wealthy Porsche fans would step in and save the company.
The world without Porsche is unthinkable!
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Old 05-29-2009, 06:19 AM
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It's been such a 'blood fued' for decades between the cousins Piech and Porsche. Piech had a chance years back to take over as CEO of Porsche, and now he wants to oust current Porsche CEO Wendelin Wiedeking. It is almost a 'biblical' type of story in terms of money and arrogance coming between relatives (I am a buddhist).
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Old 05-29-2009, 06:19 AM
 
 
 
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