Porsche CEO Corners Board Members

A type of civil war has started these days within German sports car manufacturer Porsche, as the company is yet to solve its financial problems. Porsche's CEO, Wendelin Wiedeking has stepped up today and criticized two of the board members for publicly commenting on Porsche's financial condition, Autonews reported.

The two targeted by the CEO are IG Metall union head Bertold Huber and Volkswagen chairman Ferdinand Piech. In turn, a spokesman for IG Metall defended Bertold Huber by saying that Porsche itself has placed the spotlight on the company's financials when applying for state loan.

The state loan for which Porsche applied is hanging by a thread, and Huber's comments may make him accountable for the possible rejection of the loan.

In addition, Ferdinand Piech also criticized the financial situation Porsche finds itself in. Still, this is not surprising as Piech, despite being one of the Porsche owners, clearly has a soft spot for Volkswagen and would like nothing more than VW becoming the lead guitar in the future duet.

To put this into numbers, Porsche's future hang by the way the company will be able to cope with the 9 billion euro debt it now has. To ease the pressure, porsche has applied for a 1.74 billion euro loan from the German state. It is yet unclear whether the manufacturer will be able to secure the loan though, as the head of the parliament's budget committee says:

"There has not yet been a positive decision by the steering committee that is responsible," Otto Fricke was quoted as saying by German newspaper the Tagesspiegel