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VW Reportedly Has Finalized €20 Billion in Bridge Loans
Volkswagen Group has completed an agreement with 13 banks for about €20 billion ($21 billion) in bridge loans, sources tell Reuters.
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Volkswagen Group has completed an agreement with 13 banks for about €20 billion ($21 billion) in bridge loans, sources tell Reuters.
The credit lines are intended to help the carmaker maintain liquidity as it confronts the costs of repairs, fines and legal rulings surrounding rigged fuel economy and emission ratings for more than 11 million vehicles worldwide.
VW has estimated its scandal-related costs will be around €8.7 billion ($9.2 billion). Analysts previously warned that total expenses could balloon to three times that amount or more. But last week VW said it expects to bring most of its cheater engines into regulatory compliance with relatively simple software updates.
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