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While GM and Chrysler beg for dollars..Ford restructures debt
Ford to restructure debt up to $10.4 billion - Mar. 4, 2009
Very interesting, it will be interesting to see how it pans out.
Quote:
DETROIT (Reuters) -- Ford Motor Co. detailed debt restructuring initiatives on Wednesday, including conversion of debt to equity and two cash tender offers, that could retire up to $10.4 billion of the automaker's debt.
Ford (F, Fortune 500), whose shares fell 14%, said it was making up to $2.2 billion cash available to restructure its debt.
The No. 2 U.S.-based automaker had $25.8 billion of automotive debt as of the end 2008.
Ford has the potential to restructure up to $10.4 billion of debt, given the cash available and the prices, the company said.
Ford - the only U.S. automaker to not seek U.S government aid - had earlier reached an agreement with the United Auto Workers union on contract changes to reduce its labor costs.
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