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Aston Martin May Need More Cash Even After Bailout by Billionaire

  • Virus puts working capital at risk post-$663 million infusion
  • Available $100 million note would exact a high interest rate
Aston Martin’s DBX SUV
Aston Martin’s DBX SUVPhotographer: Greg Baker/AFP via Getty Images
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Aston Martin Lagonda Global Holdings Plc said it may need to tap into high-interest notes it was trying to avoid drawing down, even after a 536 million-pound ($663 million) capital infusion from a group led by billionaire Lawrence Stroll.

The U.K. luxury carmaker doesn’t have sufficient working capital based on European Securities and Markets Authority rules, because the coronavirus has created “increased and unquantifiable uncertainty” in its business, Aston Martin said in a statement. That’s made it impossible to come up with a model for a “reasonable worse case downside,” it said.