Monday, March 23, 2009

Ford says debt buyback offer is oversubscribed

Posted By: Tsu-Han (Ina) Chang
Written By: Poornima Gupta, Reuters

DETROIT (Reuters) - Ford Motor Co. said Monday that its tender offer to purchase its senior secured term loan debt was oversubscribed and that it was making more cash available to buy back the debt from investors.

Ford -- the only U.S. automaker that has not sought U.S government aid -- is powering ahead of its domestic rivals in bolstering its finances in the global economic downturn. It aims to complete a turnaround plan without seeking emergency federal loans.

The automaker was the first in reaching a deal with the United Auto Workers union on contract changes to lower its labor costs and is already leading General Motors Corp and Chrysler LLC in the effort to reduce debt on its balance sheet.

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