BUSINESS BRIEFING / AUTOS
Times Wire Reports
Ford Motor Co. says it will eliminate up to $10.4 billion of its debt by offering debt holders cash and stock instead as the automaker continues to restructure amid a severe industrywide sales downturn.
The Dearborn, Mich., automaker and its financial arm are putting up $2.2 billion in cash and about 500 million shares of stock to entice holders of bonds and secured-term debt.
The company said that it was restructuring the debt to reduce costs and remain competitive, and that it still did not intend to seek government loans.
