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Old 04-06-2009, 09:33 AM   #1
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Default Ford announces it has successfully reduced debt by $9.9 billion

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The Ford Motor Company has announced that it has completed more of its financial restructuring initiatives, lessening its debt by some $9.9 billion (from a starting place of $25.8 billion at the end of last year). The company says this move will lower its annual interest costs by more than $500 million. Ford and its financing arm, Ford Credit, are using 468 million shares of stock and $2.4 billion in cash to reach that figure.

Other parts of the company's debt restructuring efforts include the tendering of approximately $4.3 billion in Senior Convertible Notes (not due until December 15, 2036) for purchase related to Ford's conversion offer, along with previously announced gains like its revised agreements with the United Auto Workers and a cash tender offer for the company's unsecured, non-convertible debt securities.
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Old 04-06-2009, 10:35 AM   #2
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respect
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Old 04-06-2009, 10:35 AM   #3
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props for sure. still wouldn't drive one just yet tho....
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Old 04-06-2009, 10:37 AM   #4
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Awesome for Ford. Thumbs up!
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Old 04-06-2009, 05:35 PM   #5
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congrats
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Old 04-06-2009, 08:31 PM   #6
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good
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