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Old 05-03-2009, 11:50 AM   #1
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Default Ford to buy back 2.7B Debt
This story, taken from news.com.au

Quote:
Ford to buy back $2.7 billion in debt amid restructuring
From correspondents in Chicago
Agence France-Presse
March 05, 2009 09:22am

FORD announced it would buy back $US1.8 billion ($2.7 billion) in debt amid a restructuring of its obligations aimed at reducing interest expenses.
The car maker also offered to pay a cash premium to induce bond holders to convert $US4.88 billion in debt for shares of Ford's common stock.

"The debt restructuring plan we are announcing today is a critical step in Ford's overall transformation,'' Ford President and CEO Alan Mulally said.

"We are continuing to work with all of our stakeholders - including employees, dealers and suppliers - to secure Ford's future in this difficult economic environment.''
Said it before and I'll say it again, Ford is in good hands with Alan Mulally the Boeing guru.

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