VW loans Porsche $980 million to ward off bankruptcy

First, Porsche wanted to buy VW. Then they got into trouble raising $12.5 billion to cover refinancing. Then Porsche had to settle for a pending merger with VW. Now, VW has loaned Porsche $980 million.

The German automaker still needs $1.75 billion in loans to cover its debt, but is confident bankruptcy is not on the cards, saying, "Porsche is not on the verge of insolvency even if that is alleged over and over." We're guessing that, like putting engines in the back of cars, Porsche will figure out some way to make this work. [via Automotive News (Sub. Req.)]