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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
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To: mbraynard
MB..

Have you considered the Lincoln MKS?

This fall(ish) it gets the Twin-Turbo Directed Injected Eco-Boost engine. 3.5L, 350hp. with full time 4WD.

Hubba Hubba :-)...


61 posted on 04/06/2009 5:04:17 PM PDT by taildragger (Palin / Mulally 2012)
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To: taildragger

You know, I’ve thought about it. I’ll test drive it, along with the Cadi CTS. Probably won’t be buying anything for several months.


62 posted on 04/06/2009 5:20:06 PM PDT by mbraynard (You are the Republican Party. See you at the precinct meeting.)
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To: KevinDavis

I got a flat tire in my 1972 Maverick. On the other hand, I got laid in the back of my 1971 Gremlin. I’ll stay with AMC.


63 posted on 04/06/2009 6:24:19 PM PDT by Larry Lucido
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To: grellis; All

Thanks for the ping. Good thread.


64 posted on 04/06/2009 7:55:53 PM PDT by PGalt
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To: Larry Lucido

no more callers please...we have a WINNER !!!


65 posted on 04/06/2009 8:21:06 PM PDT by Gilbo_3 ("JesusChrist 08"...Trust in the Lord......=...LiveFReeOr Die...)
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To: Larry Lucido

“I got laid in the back of my 1971 Gremlin”

Contortionist or just short?


66 posted on 04/06/2009 8:33:38 PM PDT by Nik Naym (Everyone has a right to my opinion.)
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To: Nik Naym

Oh, and forgot to add: anybody who could drive a Gremlin and still get laid must have been one heluva guy!


67 posted on 04/06/2009 8:35:27 PM PDT by Nik Naym (Everyone has a right to my opinion.)
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To: Nik Naym

Back seat folds down. But yes, I was much smaller then. Today, it would be a disaster.


68 posted on 04/06/2009 8:41:49 PM PDT by Larry Lucido
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To: CSM

Self ping for later read.


69 posted on 04/07/2009 8:26:43 AM PDT by CSM (Smokers, the most patriotic of Americans!)
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