Wednesday, November 29, 2006
Ford pawns the family jewels
Struggling US carmaker Ford is mortgaging the majority of its North American operations in a bid to raise loans of $18bn (£9.3bn).
Ford announced that it was offering its car stock, subsidiaries and manufacturing equipment as a guarantee in return for financing to help keep the company afloat.
Ford is expected to bring in $15bn of secured loans to replace an unsecured borrowing of $6.3bn.
DATED: 29.11.06
FEED: MT
Ford announced that it was offering its car stock, subsidiaries and manufacturing equipment as a guarantee in return for financing to help keep the company afloat.
Ford is expected to bring in $15bn of secured loans to replace an unsecured borrowing of $6.3bn.
DATED: 29.11.06
FEED: MT
