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House panel OKs Ford ILC amendment
House panel OKs Ford ILC amendment
Posted on Thursday, November 19th, 2009 at 1:23 PM EST. (Employee News)
The House Financial Services Committee approved an amendment sponsored by Rep. Gary Peters, D-Bloomfield Twp., on Wednesday that would allow Ford Motor Co. to pursue its application for an industrialloan corporation, or ILC, for its credit unit—a move that would make it easier to raise funds, The Detroit News reported.
Ford Motor Credit has sought an ILC since 2006. Other companies, including Toyota’s credit arm in the United States, have an ILC, the paper said. “The last thing we ought to do is lock one of our automakers into a permanent disadvantage relative to foreign-based competitors just as the company is beginning to return to profitability,” Peters told the paper. (The Detroit News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
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