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Volkswagen 'agrees loan' to cover emissions scandal costs


economy

Volkswagen 'agrees loan' to cover emissions scandal costs

Volkswagen is said to have agreed the terms of a 20 billion euro bridging loan with banks to help shoulder the costs of its emissions scandal.

Reuters says the news was confirmed by three sources.

They reportedly believe that VW will be healthy enough to repay the loan next spring.

Europe’s largest carmaker is under pressure to strengthen its finances. It’s widely expected to have to pay out tens of billions of euros to cover fines, lawsuits and repairs after admitting to cheating American diesel emissions tests.

The company is still trying to identify those responsible and organise refits for some 11 million vehicles worldwide.

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