WOLFSBURG, Germany (Reuters) - Volkswagen (VOWG_p.DE) expects it will return to the unsecured bond market in the near future and will not need to extend an expensive 20 billion euro (17.57 billion pounds) bridge loan again, finance chief Frank Witter said on Tuesday.
Europe’s largest automaker had secured the one-year bridge loan in December 2015, after the biggest corporate scandal in its history wiped billions off its market value and made it much more expensive for VW to borrow in the debt market. It was extended to June 2017 in November.
Witter also told analysts on Tuesday that VW’s net liquidity could temporarily drop below 20 billion euros.
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Reporting by Kathrin Jones; Writing by Maria Sheahan; Editing by Arno Schuetze