Volkswagen (VOWG_p.DE)
said it has agreed with banks to extend a 20 billion euro ($21 billion) credit
line until June 2017 to strengthen its finances as it grapples with
billions of
costs for its emissions scandal.
The one-year
bridging loan, which was originally due to expire at the end of this year, will
protect the financial framework of Volkswagen and increase its financial
flexibility, the carmaker said on Monday.
VW said the
loan facility is currently undrawn and added it will return to the unsecured
bond market in due course.
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