Wednesday March 4, 10:28 PM
Ford to buy back 1.8 billion in debt amid restructuring
CHICAGO (AFP) - Ford Motor Co. announced plans Wednesday to buy back 1.8 billion dollars in debt amid a restructuring of its obligations aimed at reducing interest expenses.
The automaker also offered to pay a cash premium to induce bond holders to convert 4.88 billion dollars 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 in a statement.
"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."
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