Thursday, December 18, 2008
Volkswagen taps German government for loan guarantees
Volkswagen has become the first German carmaker to seek to tap the country's ?500 billion government-backed backing rescue plan, highlighting the global spread of the economic crisis facing the motor industry.
Europe's largest carmaker said its affiliates, Volkswagen Bank and Volkswagen Financial Services, had applied for state guarantees that would cover loans for refinancing.
DATED: 18.12.08
FEED: AW
