Porsche skirted bankruptcy for 3 days in March

We knew that Porsche (ETR:PAH3) has been having some hard times with its finances just recently, but would any of you believe me if we told you that the troubled German automaker skirted bankruptcy for 3 days in March. The company desperately needs an extra €2.5 billion cash injection.

The Local reports that German magazine; Der Spiegel said that Porsche had to be rescued in March with a €700 million bridging loan by Volkswagen. The loan is only valid for one year, and that another €2.5 billion Euros is needed right away for the automaker to carry on its operations.

Porsche now has debts of €9 billion after they had purchased a 51 percent stake in Volkswagen (OTC:VLKAY), they now have to get more loans to help pay for this debt. Porsche was going for overall control of VW, but they had to abandon the deal, and have now opted for the two companies to merge instead.

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