Ford won't be joining General Motors and Chrysler on any return trips to Uncle Sam's Bailout Buffet. The automaker plans to stay in Dearborn and cook dinner at home, so says CEO Alan Mulally, who told reporters at the NADA convention, "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." While GM and Chrysler were approved for over $17B in bailout bucks and are already well into the cash pile, Mulally had instead requested access to a $9 billion line of credit (you know, just in case). The difference: the feds have yet to move on Ford's request.
Source: CNN Money via autoblog
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Source URL: http://nensycarblog.blogspot.com/2009/01/mulally-confirms-ford-isn-seeking.html
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