Ford completes major, risky debt-reduction effort

04/7/2009 | Wall Street Journal, The

In December, Ford Motor realized its competitors General Motors and Chrysler would receive government aid, putting Ford at a significant disadvantage. "It's great to be the strongest one in a weak field, but if your competitors get rid of their liabilities, you're not the strongest, you're the weakest," a source familiar with Ford's thinking said. So the company took on a major debt-reduction effort that lowered its load by $9.9 billion.

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