Ford Cuts Debt by $9.9 Billion

Restructuring is expected to lower annual interest expense by more than $500 million.

Ford said on April 6 it had completed a debt restructuring, slashing $9.9 billion from a debt pile of $25.8 billion at the end of 2008.

The debt restructuring is expected to lower annual interest expense by more than $500 million, Ford Motor Company said.

"This successful debt restructuring, together with previously announced agreements with the United Auto Workers (union), will substantially strengthen Ford's balance sheet," the company said.

Copyright Agence France-Presse, 2009

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