|
Ford to issue more stock?
Mulally: Ford may issue more stock to cut debt
Posted Friday, Jun 12, 2009, 11:07 am in Employee News
Ford Motor Co. will likely trade more of its debt for equity, and sell more common stock, so it can improve its balance sheet until the company can become profitable in 2011, CEO Alan Mulally said today, the Assocaited Press reported.
Speaking at an event to show Ford employees the company’s new Taurus sedan, Mulally said the automaker will need to take its own actions to reduce debt and raise cash, the paper said. General Motors Corp. and Chrysler Group LLC were able to slash their debt and borrow billions of dollars as part of their government-backed filings for bankruptcy protection, the Free Press said.
Ford raised $1.6 billion last month when it sold 345 million shares of common stock in a public offering, the paper said. Earlier this year, the company completed tender offers that reduced its debt by more than one-third, retiring $9.9 billion in securities, the story said. (Associated Press/Detroit Free Press)
__________________
Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
|
Linear Mode
