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Porsche debt a massive 14 billion euros
Porsche Automobil Holding SE, the administrative company of the Porsche business, amassed 14 billion euros (US$19.75 billion) in debt in its failed attempt to take full control of Volkswagen, Germany's Bild newspaper has reported, citing an informed source.
Sources told Reuters Newsagency recently that Porsche's debt was "clearly" higher than the10 billion euros that had so far been revealed by the German sports car maker.
As a result of the immense debt, Der Spiegel magazine reported on Saturday that Volkswagen would pay 8 billion euros to Porsche SE to buy its fully owned sports car business, Porsche AG.
The two companies are set to decide on the issue tomorrow in Germany.
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