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Jun 30, 2009, 10:40 GMT

Troubled Porsche drops request for federal loan

Stuttgart - Troubled German sports car maker Porsche is dropping plans to re-apply for a federal anti-recession loan, a company spokesman said Tuesday in Stuttgart. An earlier applicaton for 1.75 billion euros from KfW, the German federal soft-loans bank, had been rejected. The loan was intended to slot together with a 10.75-billion-euro (15-billion-dollar) credit Porsche has already been promised by a consortium of business banks. The spokesman said the decision not to re-apply was for the sake of 'credibility.' He said Porsche would now negotiate on alternative sources of financing. The parent company, Porsche Automobil Holding SE, which also owns 51 per cent of Volkswagen, is 9 billion euros in debt and faces disaster if its liabilities are called. On Monday, Porsche said it was in advanced talks with the Qatar Investment Authority (QIA) on the Arab fund taking an equity stake in the parent. The spokesman said that was not connected to the decision not to re-apply for a KfW loan.

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