Porsche on the verge of bankruptcy

Discussion in 'OT Driven' started by Mitchj, May 26, 2009.

  1. Mitchj

    Mitchj OT Supporter

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    REPORT: Porsche facing dire times, actually skirted bankruptcy in March
    by Chris Shunk on May 25th, 2009 at 11:39AM



    These are some confusing times in the automotive world. For the past few years, it seemed as though Porsche was primed to rule the world. It was selling plenty of product, and more importantly, it was quickly gobbling up shares of German juggernaut Volkswagen. Dried-up credit markets and slow sales have conspired to put a big wrench in Porsche's plans, though.

    We already knew that the Stuttgart sports car (and SUV) maker has ditched plans to take over VW and instead plans to merge the two companies. German magazine Der Spiegel (via The Local) is reporting that times are so tight at Porsche that it actually skirted bankruptcy for three days in March. The German automaker received a 700 million euro loan ($978 million USD) from VW to stay out of trouble, but needs another 2.5 billion euros (nearly $3.5B USD) to stay in business. Porsche has tried to tap the German government to receive more loans to pare down the enormous debt it had incurred in attempting to buy VW. In fact, Porsche, which sells fewer than 100,000 vehicles per year, has accrued an astonishing 9 billion euros worth of debt (around $12.6B USD). That's 50% more debt than Chrysler.
     
  2. Mitchj

    Mitchj OT Supporter

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  3. Mr3GTP

    Mr3GTP OT Supporter

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    If they were here, Obama could seize control. Then they'd sell rebadged Smart cars and be property of the UAW.

    On the other hand, better to let them die. :wtc:


    :x: Hope they pull through.
     
  4. Toyofag

    Toyofag New Member

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    meh. serves them right for being too cockey.
     
  5. NuShooz

    NuShooz OT Supporter

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    time for them to roll out a family sedan and hybrid
     
  6. guest

    guest 

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    they are in trouble because their cars are way over priced. a 911 turbo should be the same price as a mustang gt or camaro
     
  7. RollinDollos

    RollinDollos Guest

    I wouldn't go that far.
     
  8. crazybenf

    crazybenf Active Member

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    wow, what a shame.
     
  9. jero

    jero Let me just put the tip in...

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    LMFAO. Same price. Lmfao.

    Well at least when they have a firesale, ill be able to snag that 911tt ive always wanted.
     
  10. Mitchj

    Mitchj OT Supporter

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    :ugh:
     
  11. Scream_Phoenix

    Scream_Phoenix Handsome Boy Model

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    i dunno what you think happened with US automakers but obama didnt seize control of anything. the government set terms for taking "free" money that the companies needed to stay afloat. porsche would love the german government to do that
     
  12. Thomas Crenshaw

    Thomas Crenshaw New Member

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    hahaha. your a fucking idiot
     
  13. Creed Bratton

    Creed Bratton OT Supporter

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    Everyone took guest's troll.
     
  14. Gundam

    Gundam Tell Drama he's on my to do list, right after inse

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    That's a bit much. I do agree that the Cayman shouldn't be a penny over a base C6.
     
  15. Mitchj

    Mitchj OT Supporter

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    and id still have the base c6 anyday
     
  16. St. Anky's

    St. Anky's www.ZBoardShop.com OT Supporter

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    Your are a fucking idiots too with grammars good
     
  17. Strife

    Strife Active Member

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    People actually responding to guest's comment :rofl:

    Wtf is wrong with OT now.
     
  18. Mugatu

    Mugatu Ask me about market research. OT Supporter

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    It must be because of unions and because they make shitty American cars /OT logic
     
  19. Dave

    Dave This is no motherfucking game OT Supporter

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    :rofl:
     
  20. MrBonus

    MrBonus Et Tu, Brute?

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    Who exactly is responsible? Niche, poorly-diversified manufacturer in the worst car market in 30+ years. This shouldn't be a surprise considering their issues with solvency throughout the '80s and '90s.
     
  21. just_another_on

    just_another_on New Member

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    Bankruptcy, thats a bit far.

    The moron ran the company like it was a trust fund, complete back fire.
     
  22. deusexaethera

    deusexaethera OT Supporter

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    This is what they get for not making a hybrid. Imagine a 4-cylinder version of their boxer engine, connected to a 200hp electric motor. That shit would destroy tires on command.
     
  23. m3m750

    m3m750 Kickin' it old school

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    Yeah, that's their problem...

    This is what they get for trying to buy VW.
     
  24. OniMinion

    OniMinion ...recalls when this forum was actually about cars OT Supporter

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    Fun cars, interesting what happens when American's can no longer justify spending the money on them. Just another example of how our economy is now international. Looks like we'll pull the whole world down with us.
     
  25. OniMinion

    OniMinion ...recalls when this forum was actually about cars OT Supporter

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