Porsche recently said it didn't "want to take money at the expense of the taxpayer"ť, but the company was left with few options due to a looming cash shortfall. Porsche racked up more than $12 billion in debt trying to takeover VW, leaving the company with a rather large $3.5 billion cash shortfall.
If approved, the German government would carve Porsche's loan out of the 100 billion euro state program to bolster German industries, according to Automotive News.
Porsche was hoping to secure more than 10 billion euros from the takeover of VW, but was left with zilch after the European Union sided with the state of Lower Saxony and its ability to veto any VW decisions. Lower Saxony is one of VW's biggest shareholders.
As it stands now, Porsche only has enough cash flow to tread water. Porsche's current sales levels will allow the German car maker to make interest payments on its loans, but not pay off the principle.