Volkswagen Extends 20 Billion Euro Loan To Battle Emissions Scandal
- The emissions scandal wiped billions off Volkswagen's market value
- Volkswagen secured the one-year bridge loan last December
- The loan will protect the financial framework for the group's operations
VW added the credit line will protect the financial framework for the group's operations and increase its financial flexibility.
Europe's largest carmaker is confronted with a record-breaking corporate settlement with regulators and vehicle owners in the United States, where in September 2015 it was found to have cheated diesel engine emissions tests. A judge in the country approved VW's $14.7 billion settlement with authorities and owners of 475,000 polluting 2.0-litre diesel cars only last month.
Its plan for the 80,000 3.0-litre vehicles affected by the scandal is yet to be reviewed. However, VW and lawyers for owners of larger diesel cars have agreed on a buyback of nearly 20,000 older vehicles and a software fix for 60,000 newer models.
In addition to the 20 billion euro credit line, Volkswagen is working out other measures to recover from the crisis. Earlier this month, it announced plans to cut 30,000 jobs worldwide that will lead to annual savings of 3.7 billion euros.
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