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 ...
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 :-)...
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.
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.
Thanks for the ping. Good thread.
no more callers please...we have a WINNER !!!
“I got laid in the back of my 1971 Gremlin”
Contortionist or just short?
Oh, and forgot to add: anybody who could drive a Gremlin and still get laid must have been one heluva guy!
Back seat folds down. But yes, I was much smaller then. Today, it would be a disaster.
Self ping for later read.
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