Ford: We do not need government loans for survival
January 25th, 2009 Leave a comment Visited 34 times, 1 so far today
Ford: We do not need government loans for survival
GM and Chrysler both have received bailout money from the US government.
Ford on the other hand has said that they have enough liquidity to fund its restructuring plan.
Ford CEO Alan Mulally said in a statement: “We don’t want to borrow any more money. We have sufficient liquidity to fund our transformation plan, which means our business is in a relatively good shape.”
He was speaking at the National Automobile Dealers Association convention.
Ford did however ask for access to a $9 billion credit line from the U.S. Government.
Ford said that they are in better shape than the rival US automakers as they had borrowed more than $23 billion in 2006 using company’s assets as security.
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