Promissory note Porsche makes 14 billion euro

The debts of German motor-car manufacturer Porsche against creditors at present make 14 billion euro, instead of 10 billion as it was informed earlier. According to Reuters referring to German newspaper Bild.

The promissory note has appeared at Porsche after the manufacturer of sports cars in March of this year took the credit from 15 banks for buying up of actives of concern Volkswagen. As a result, company Porsche has finished the in VW to 50,76 percent, however to start process of absorption and could not because of so-called "the Folk Svagenovsky law" which the Bottom Saxony (owns only 20 percent VW) allows the earth authorities to impose the veto on any decisions of shareholders of autoconcern.

Now concern Volkswagen has brought the counter offer on absorption: VW has offered for company Porsche of eight billions euro which will help a concern management to pay off with creditors. Predictably, the definitive decision on the given question will be known on July, 23rd, at supervisory board Porsche meeting.

If this decision is positive, transfer of stock by two "tranches" — on 50 percent for time.

Thus, Porsche becomes the tenth mark of concern VW.

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