Two plans are on the table to relieve Porsche SE's 10 billion euro ($14.09 billion) net debt burden and perhaps foster a tie-up with Volkswagen to create an automotive powerhouse.
But the Porsche and Piech families that own Porsche have struggled to agree on the way forward.
Here are how the plans compare:
CAPITAL INCREASE/QATAR ENTRY
Sources close to Porsche told Reuters on Wednesday that Porsche aims to raise around 5 billion euros by issuing new shares to be subscribed by the owner families and by the Qatar Investment Authority (QIA).
Qatar would get voting shares in Porsche through the capital increase, while the families would receive voting shares as well as non-voting preferred shares in the company, they said.
The plan, drawn up by Porsche management, also foresees Qatar taking over Porsche's derivative contracts that control around 20 percent of VW's voting shares.
Qatar would have to pay around 5 billion euros to exercise the options and thus become a major VW shareholder, but the money would flow to banks that are Porsche's counterparties in the cash-settled swap deals, not to Porsche itself.
The total package of measures would provide around 10 billion euros in relief for Porsche's stretched balance sheet.
Selling a voting stake to Qatar would for the first time break the family's complete control over Porsche.
VOLKSWAGEN ABSORBS PORSCHE SPORTS CAR BUSINESS
VW Chairman Ferdinand Piech, a member of the extended clan, has been pushing for months to buy Porsche AG, the healthy sports car business entirely owned by Porsche SE.
Der Spiegel magazine reported this month that Volkswagen had sweetened its offer and was prepared to pay considerably more than 4 billion euros for an initial 49.9 percent stake in the maker of 911 sports cars.
Porsche Chairman Wolfgang Porsche -- Piech's cousin -- has repeatedly ruled out selling a big stake in Porsche AG to VW. Porsche has said that would let creditor banks call a 10.75 billion euro loan it got in March.
Absorbing Porsche AG would add a 10th brand to Volkswagen's line-up that ranges from VW compact models to high-end Bugattis and Lamborghinis to heavy trucks.
That would fulfil the idea of creating an integrated automotive group that the two parties set as a goal in May when debt-laden Porsche dropped plans to take full control of VW, in which it already has 51 percent. (Reporting by Michael Shields; Editing by David Cowell)