Fifteen banks have agreed to put up €10 billion with which Porsche plans to pay off other debtors.
Porsche has been trying to refinance to accommodate the €10-billion credit line due at the end of March. It was used to finance the takeover of Volkswagen two years ago.
“Given the extremely difficult global economic environment and the turbulence in the bond market, it was necessary for the banks to do more reviews, which took additional time, especially for the new consortium of banks with which Porsche had not yet had credit lines,” a statement from the company said.
Porsche now owns more than 50 percent of VW’s shares.