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VW’s Banks Extend €20 Billion Credit Line
Volkswagen AG’s banks have agreed to a six-month extension of a €20 billion ($21 billion) line of credit that was to expire at year-end.
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Volkswagen AG’s banks have agreed to a six-month extension of a €20 billion ($21 billion) line of credit that was to expire at year-end.
VW says the bridge loan will fortify the company’s financial base and enhance its flexibility until it returns to the unsecured bond market, Reuters reports.
The company has been scrambling to bolster its finances as it grapples with two costly challenges. One is VW's diesel emission cheating scandal, which so far has surpassed $15 billion in fines and compensation in the U.S. alone. The company also is rushing to restructure, cut operating costs and redirect product development efforts toward electrified powertrains, connectivity and alternative transportation services.
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