Aston Martin, a brand with a highly charged emotionality, is stumbling!
February 15, 2024 SK, Bart Kuipers contributed to this report
The luxury car manufacturer has already raised money a number of times, including from new major shareholders. Aston Martin is now talking to banks about a bond loan of approximately 1 billion euros that matures in November next year. The interest on that loan saddles the company with payments of the equivalent of 111 million euros per year.
“We are currently exploring with our bankers what is the most appropriate way to deal with this,” Stroll said in an interview with Bloomberg Television. Stroll, a Canadian billionaire, saved Aston Martin in 2020.
Vulnerable
The company has always struggled with finances and brought in the Saudi Public Investment Fund (PIF) as a financier in 2022. That was part of Stroll's efforts to make a turnaround and switch to battery-powered sports cars. Market experts indicated in the past that the lack of scale and the precarious cash balance made Aston Martin vulnerable.
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