Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Ford slashes automotive debt by $9.9 billion
Al Reuters via Yahoo! ^

Posted on 04/06/2009 8:38:45 AM PDT by frogjerk

DETROIT (Reuters) - Ford Motor Co (NYSE:F - News) has reduced its automotive debt by 38 percent, or $9.9 billion, part of a series of moves to bolster its finances amid a deep industry downturn, sending its shares up more than 11 percent.

The debt reduction, which Ford estimates will trim its annual cash interest expense by more than $500 million, is the latest evidence that Ford is powering ahead of domestic rivals General Motors Corp (NYSE:GM - News) and Chrysler in restructuring to survive the lowest U.S. auto sales in three decades.

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 was also the first to reach an agreement with the United Auto Workers union that would slash cash payments for its retiree health care. GM and Chrysler remain in discussions with the UAW to restructure their remaining obligations into a retiree health-care fund.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events; US: Michigan
KEYWORDS: automakers; bailout; capitalism; economy; everheardofkeywords; everheardoftopics; ford; fordmotor; michigan
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-69 next last
To: taildragger

Good.


21 posted on 04/06/2009 8:57:13 AM PDT by Eric in the Ozarks
[ Post Reply | Private Reply | To 15 | View Replies]

To: cripplecreek

F 150

Limped home a few times (no thanks to Operator Error) but always got/gets me home.

Hard to beat an F150 IMHO


22 posted on 04/06/2009 8:57:18 AM PDT by freedomlover (Make sure you're in love - before you move in the heavy stuff)
[ Post Reply | Private Reply | To 11 | View Replies]

To: frogjerk

I love my Dodge Ram, but should I be fortunate enough to afford a new car in the next few years, Ford has moved ahead of my beloved Mopars. The Fusion looks interesting and I’ve heard a lot of good things about it. I still like Hondas and Toyotas better, but they’ve gotten so brutally expensive.

}:-)4


23 posted on 04/06/2009 8:59:19 AM PDT by Moose4 (Hey RNC. Don't move toward the middle. MOVE THE MIDDLE TOWARD YOU.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ev Reeman
ER...

My guess it they are doing just that.

My tag line says Mulally as VP, I am have been saying for eon's do not bet against this man, he is brilliant. I may have met him yeas ago in another time, but that is a story for another day.

IMHO books will be written comparing Ford's turn-around under Mulally to Chrysler under Iococca.

24 posted on 04/06/2009 9:01:17 AM PDT by taildragger (Palin / Mulally 2012)
[ Post Reply | Private Reply | To 18 | View Replies]

To: frogjerk

Mrs. jimfree had been craving a Saturn Sky for several years. The Obama admin tampering has turned us off of GM after three previous Saturns. We are looking at the Mustang converible now.


25 posted on 04/06/2009 9:02:37 AM PDT by jimfree (Freep and ye shall find!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oldpuppymax

How is GM going to compete with Chery Motors? This article’s source aside, the fact that Chery already has plug in hybrids on the street for half the cost of the Volt will sink GM for good. I’m willing to bet that GM scraps the Volt and rebadges Chery cars instead. Perhaps Chery even obtains GM inexchange for failing US Treasuries.

http://www.treehugger.com/files/2008/04/chinas_new_hybrid_electric_cars.php


26 posted on 04/06/2009 9:03:20 AM PDT by neb52
[ Post Reply | Private Reply | To 14 | View Replies]

To: frogjerk
When I was in Italy I drove a Taurus all over the country great car Turbo Diesel ran great all through the mountains and got very good fuel mileage.
27 posted on 04/06/2009 9:04:28 AM PDT by Cheetahcat (Osamabama Wright kind of Racist! We are in a state of War with Democrats)
[ Post Reply | Private Reply | To 1 | View Replies]

To: frogjerk
I have a 1999 F150 4x4, 1998 Ford Explorer and 2008 Mercury Mariner Hybrid. There is also a 1994 Saturn SL2 and 1974 Porsche 914 here. The Mariner is the primary transport here. It's also the only vehicle for which I don't have the title free and clear. I would be happy to find a buyer for the 914. I don't drive it. It is occupying garage space that I would like for some more motorcycles.
28 posted on 04/06/2009 9:05:36 AM PDT by Myrddin
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ev Reeman
ER...

One more thing....

Ford Family owns 40% via class "B" stock. As liberal some of the loons in that clan are, no way are they going to let this snot nosed interloper we have as a President mess up their families historical contributions to America and their family name.

29 posted on 04/06/2009 9:06:39 AM PDT by taildragger (Palin / Mulally 2012)
[ Post Reply | Private Reply | To 18 | View Replies]

To: frogjerk
For some reason, I think maybe, just maybe them Ford executives get down on their knees every night and thank the Lord they did not take any of the “bailout” money.
Even liquidation would be better than turning every thing to the government.
30 posted on 04/06/2009 9:07:12 AM PDT by Tupelo
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cheetahcat

If our Government would stop dicking around with our Diesel Fuel, we would have had a lot more turbo diesel based cars several years ago.


31 posted on 04/06/2009 9:08:00 AM PDT by neb52
[ Post Reply | Private Reply | To 27 | View Replies]

To: neb52
It is not the fuel but the calibration of emissions and the differences between here and Europe.

Americans talk a good game, they say they want them, and when they get here they do not buy them. I do not blame them for not bringing them.

IMHO watch for 2 advancements that will make diesels boat anchors, google them both.

1.) Homogenous Continous Compression Igniton HCCI and...

2.) Gaseous Fuels, ( watch AU and NZ in particular...)

32 posted on 04/06/2009 9:12:30 AM PDT by taildragger (Palin / Mulally 2012)
[ Post Reply | Private Reply | To 31 | View Replies]

To: frogjerk

If I was Ford (or hell, Honda & Toyota for that matter), I would sue GM and/or the federal government for giving its competitors a competitive advantage in the marketplace. Ford doesn’t have the luxury of federal subsidies, or the federal government “standing behind its warranties”, etc. I would be furious if I were Ford. After all, they are being punished for doing the right thing.


33 posted on 04/06/2009 9:18:28 AM PDT by St. Louis Conservative
[ Post Reply | Private Reply | To 1 | View Replies]

To: frogjerk

Ford is the only independent US automaker, the other are now government subsidiaries. I would be proud to own a Ford.


34 posted on 04/06/2009 9:20:10 AM PDT by ABQHispConservative (A Blue Dog Democrat is an oxyMoron!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: mwilli20

Yes it is! :0)

http://www.caranddriver.com/reviews/hot_lists/car_shopping/droptop_depot/2010_ford_mustang_shelby_gt500_auto_shows+view-photos.html


35 posted on 04/06/2009 9:30:15 AM PDT by DarthVader (Liberalism is the politics of EVIL whose time of judgment has come.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: DarthVader

I am jealous. The company does need a new f150 4x4 this year though.


36 posted on 04/06/2009 9:31:19 AM PDT by smithandwesson76subgun (full auto fun)
[ Post Reply | Private Reply | To 5 | View Replies]

To: smithandwesson76subgun

Love your handle. I rewarded Smith & Wesson this Saturday too by purchasing a S&W .357 Magnum Model 27 Classic with a 4” barrel.


37 posted on 04/06/2009 9:34:38 AM PDT by DarthVader (Liberalism is the politics of EVIL whose time of judgment has come.)
[ Post Reply | Private Reply | To 36 | View Replies]

To: St. Louis Conservative
It's interesting to go back to the post-9/11 months and see how similar this is to the goings-on back then in the airline industry.

Air Canada petitioned the Canadian government for a massive bailout back then -- because the U.S. bailout of U.S. airlines put them at a competitive disadvantage for international flights between the countries.

The Canadian government was ready to give them what they asked for . . . until someone pointed out that for the $10 billion Air Canada was seeking, the Canadian government could have save a couple of billion dollars by purchasing every share of company stock and owning the airline in its entirety.

38 posted on 04/06/2009 9:38:47 AM PDT by Alberta's Child (I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
[ Post Reply | Private Reply | To 33 | View Replies]

To: St. Louis Conservative

Under “equal protection under law”, can I complain to my Congressman that my Ford warranty isn’t backed by the full faith and credit of the US gubmint? Barry, by edict, said the GM warrant is being backed. Just sayin’.....


39 posted on 04/06/2009 9:41:17 AM PDT by SERKIT ("Blazing Saddles" explains it all.....)
[ Post Reply | Private Reply | To 33 | View Replies]

To: frogjerk

Proud owner of a Ford Fusion here.


40 posted on 04/06/2009 9:43:10 AM PDT by reagan_fanatic (FOBO)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-69 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson