A mountain of debt to deal with is leading Aston Martin to negotiate with banks to find a solution. According to Executive Chairman Lawrence Stroll, the company's short-term debts total approximately $1.4 billion.
The loss-making British luxury car maker has raised funds on several occasions including from major new shareholders and is seeking to refinance 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 this,” 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 saved the car company in 2020.
Aston Martin also has a £79 million ($99.8 million) revolving credit facility due next year and a $121 million bond to be repaid in 2026, according to data compiled by Bloomberg.
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