Aston Martin is negotiating with banks to deal with the looming debt pile. According to executive chairman Lawrence Stroll, the company's short-term debts amount to around $1.4 billion (€1.3 billion).
The loss-making British luxury car maker has raised funds on several occasions including from major new shareholders and is seeking to refinance itself at a tumultuous time for debt markets including uncertainty over rate cuts.
The talks will focus on a $1.1 billion bond due in November next year.
We are currently studying with the banks the most appropriate actions to address it", Stroll said in an interview with Bloomberg Television. "Obviously the issue will be addressed in the most appropriate way possible and in the interests of the company and its shareholders", added the Canadian billionaire who in 2020 saved the carmaker, best known for the sports cars featured in the James Bond films. Aston Martin also has a revolving credit facility of 79 million pounds (99.8 million dollars), maturing next year and a bond of 121 million dollars to be repaid in 2026, according to data collected by Bloomberg.
Reproduction reserved © Copyright ANSA