Newspapers are starting to speculate about a bankruptcy for VAG when all 11 million involved cars must be recalled and adjusted, plus receiving fines from various countries. It depends if the emissions of the cars outside the USA comply with local emission rules.
While I do not think that there will be a bankruptcy, this will have a big hit on VW's Q4 2015 and total 2016 turnover and they could be forced to break the VAG group up to generate cash for VW. Selling off MAN/Scania, Bentley, Bugatti and such to competitors or as a seperate entity on the stock market (devaluing the current shares). I really wonder what will happen on the DAX today with VW. That RBR buyout should be signed already, else it won't happen.
It does no one any good to drive VW to the bankruptcy wall. They're big enough that the ripples that would result would have worldwide ramifications. This will take years to play out, and during those years back-room negotiations will happen around the world to make sure that whatever fines etc do get levied (and they will) will only reach a level designed to teach them a lesson without sending them down. Another option, if this gets big enough, is for the big nations to cooperate on pushing through a forced break up of the conglomerate. It's an opportunity to bring back a bit more competition, by breaking up VAG it means they can then go big on punishing the brands directly involved (VW and Audi) and leave the uninvolved brands relatively unscathed (beyond needing to find their feet as independents in a suddenly far more competitive environment).
I'm now very doubtful that anything will happen in F1 from VAG. If it does, it won't be Audi's name on it - it'll be one of the untarnished brands instead, and they'll be doing it out of "their" marketing budget (not the VW budget). With Winterkorn gone, though, I don't see it happening.