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http://www.reuters.com/article/marke...0090406?rpc=44
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
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
to them.
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