Ford continues self-bailout - reduces debt by $9.9 billion

Discussion in 'OT Driven' started by Jake!, Apr 6, 2009.

  1. Jake!

    Jake! Guest

    Ford slashes automotive debt by 38 percent
    DETROIT, April 6 (Reuters) - Ford Motor Co (F.N) has reduced its automotive debt by 38 percent, or $9.9 billion, part of a series of moves to bolster its finances amid the global automotive downturn, the company said on Monday..

    The debt reduction will reduce Ford's annual cash interest expense by more than $500 million, it said.

    Ford, the only U.S. automaker that has not sought emergency U.S. government loans, is using $2.4 billion in cash and 468 million shares of its common stock to reduce its outstanding automotive debt by $9.9 billion from $25.8 billion at the end of 2008.

    Ford has also reached an agreement with the United Auto Workers union that would slash cash payments for its retiree health care and is powering ahead of domestic rivals General Motors Corp (GM.N) and Chrysler in restructuring to survive the lowest U.S. auto sales in nearly three decades.

    "By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise," Ford Chief Executive Alan Mulally said in a statement.

    "As with our recent agreements with the UAW, Ford continues to lead the industry in taking the decisive actions necessary to weather the current downturn and deliver long-term profitable growth," Mulally said

    continue at the link
     
  2. KERS

    KERS OT Supporter

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  3. SenenCito

    SenenCito OT Supporter

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    wow, thats freaking awesome
     
  4. KERS

    KERS OT Supporter

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    Can't they skim a measly $1M for me off the top of that 9.9billion?
     
  5. undergroundmike

    undergroundmike 2016 NBA CHAMPIONS OT Supporter

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    next on Ford's list: buy GM and Chrysler
     
  6. kackel champion

    kackel champion faces always are changing lies and disguise for th

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    now once they start making decent cars, people might buy them :eek3:
     
  7. Ex Inferis

    Ex Inferis Shut the fuck up OT Supporter

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    oh god... the huge manatee :rofl:
     
  8. philvia

    philvia SUCKIN ON MY TITTIES LIKE YOU WANTIN ME CALLIN ME

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    so renegotiating with the unions saved 9.9 billion? ugh die unions
     
  9. I :love: my Fords.
     
  10. BLoG

    BLoG Scented Meat

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    DO NOT WANT :ugh:
     
  11. NavS

    NavS its me!

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    F
    BUY BUY BUY
     
  12. Chuck Bartowski

    Chuck Bartowski OT Supporter

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    :cool:
    gm and chrysler should take notes
     
  13. BLoG

    BLoG Scented Meat

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    they have. The challenger and camaro are back :mamoru:
     
  14. Thunderbear

    Thunderbear Yggdrasil's Forester.

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    :werd:

    and make this, for the love of fuck:

    [​IMG]
     
  15. Jackie Treehorn

    Jackie Treehorn Active Member

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    Good for them. :bigthumb:

    More institutions need to follow their lead. Get rid of debt, don't create more. What's that? You can't even service your debt? You're done. Fuck. You. How hard is this?
     
  16. Jake!

    Jake! Guest

    [​IMG]
    [​IMG]
    [​IMG]
    [​IMG]
     
  17. trixareforkids

    trixareforkids Taked baby. Meet at later bar, night or day someti

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    :hsugh: they are making good cars now

    for the most part
     
  18. Mugatu

    Mugatu Ask me about market research. OT Supporter

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    Good for them :cool:
     
  19. NavS

    NavS its me!

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    While ford takes totes on the marijuana smoke?
     
  20. philvia

    philvia SUCKIN ON MY TITTIES LIKE YOU WANTIN ME CALLIN ME

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    :rofl::rofl::rofl: and be right back where they started. FYI shit suv's dont fly anymore. especially "retro"
     
  21. MrRyan

    MrRyan Gary Johnson 2016 OT Supporter

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    lol you so funny
     
  22. Jackie Treehorn

    Jackie Treehorn Active Member

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    What's this one? Looks sharp.
     
  23. NavS

    NavS its me!

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    it should be something they make on the side which pulls a premium, looks kinda hot.
     
  24. Jake!

    Jake! Guest

    :werd:

    new bronco & ranger + ecoboost 4 = :run:
     
  25. QFT

    It isn't doing Chrysler any good ...

    PT Cruiser
    Prowler
     

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