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  #1  
Old 03-05-2009, 09:55 AM
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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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  #2  
Old 03-05-2009, 10:07 AM
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yes, this is interesting. I'm hopeful that if successful in the restructure it could be a positive sign that deals can be done in this economy in the face of bad news across the board.
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Old 03-05-2009, 10:13 AM
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There is also news like this: CNNMoney.com Pre-Market Report - Mar. 5, 2009

Which makes you wonder if we should continue to back the losing horse, or help sustain the leader?

Quote:
NEW YORK (CNNMoney.com) -- General Motors Corp. said in a government filing Thursday that its accounting firm has found there is "substantial doubt" about the automaker's ability to survive.
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"promote the general welfare, not provide the general welfare"

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

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Old 03-05-2009, 10:24 AM
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Sustain the leader and make the horse figure out it's future. I think we should focus on getting some wins, getting momentum in any area possible and try to build on that success. This could spark some market confidence (I'm still not hopeful that business will really ever be able to perform with this congress in place) and begin to get business going. It's a long way from a first real spark but we need some of them big time.
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  #5  
Old 03-05-2009, 03:53 PM
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I will back Ford on this one. I am going to buy an F-150 4x4 from them, when my Dodge Ram bites it!
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  #6  
Old 03-05-2009, 08:38 PM
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Let em go outta business...let supply & demand economies take their place instead of this gov't financing everything game.
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