Cars
It's not so often that we hear any good news from Detroit's Big 3 these days so Ford Motor Company's announcement that it has trimmed its automotive debt by 38 percent, or $9.9 billion, was a welcome surprise. The American automaker said that the debt reduction that was achieved through "completion of debt restructuring initiatives" will lower its annual cash interest expense by more than $500 million based on current interest rates.
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Cars
Ford Announces that it has Reduced Debt by $9.9 Billion
It's not so often that we hear any good news from Detroit's Big 3 these days so Ford Motor Company's announcement that it has trimmed its automotive debt by 38 percent, or $9.9 billion, was a welcome surprise. The American automaker said that the debt reduction that was achieved through "completion of debt restructuring initiatives" will lower its annual cash interest expense by more than $500 million based on current interest rates.By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise," said Ford President and CEO Alan Mulally. "As with our recent agreements with the UAW, Ford continues to lead the industry in taking the decisive actions necessary to weather the current downturn and deliver long-term profitable growth."
- The Price Of Saving Two Of America’s Big Three? $14 Billion, But It Could Have Been Worse
Here’s a fun little activity for our readership: check out the U.S. National Debt Clock website and take a gander at the figure under, “U.S. National Debtâ€. That number is a little over US$14 trillion (€9.67 trillion), and is...
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The Swedish government offered Saab conditional backing for a deal to free up cash for the company (see previous story here), whose production lines have been stopped for two weeks as Saab didn't pay suppliers. "We have decided to allow the...
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AU$18 million or about US$18.1 million at the current exchange rates. That’s how many Australian dollars some 226 plus Aussies owe BMW’s unimaginatively named financial arm "BMW Finance". The Bavarian automotive giant is now perusing...
- Fiat Announces 21% Drop In Pre-tax Profits For 2008, Foresees 20% Less Sales In 2009
Two days after announcing its plans to acquire a 35 percent stake in Chrysler LLC, Fiat S.p.A. released the group's 2008 calendar year results and at the same time, revealed its gloomy outlook for 2009. The Fiat Group's total revenues for 2008...
- Ford Reports $2.7 Billion Operating Loss In Q3, Burns $7.7 Billion In Cash, Announces Job Cuts
It can't get any worse for Ford Motor Company - or can it? The American automaker today announced a third quarter net loss of $129 million which is actually smaller than the same period a year ago when FoMoCo lost $390 million. However, the company...