Ford Shows The Way
http://online.wsj.com/article/BT-CO-20090406-708248.html
Ford Motor Co. has announced that it has closed a deal which will reduce its debt by $9.9 billion. It has managed to reduce its interest cost by about $500 million annually and has also worked out a deal with its unions to restructure the company’s commitments to the union run health care plan.
What can we then learn from Ford? I would say that the determination of the company in not going to the government for aid and its resolution that it will fix its problems on its own is admirable. The company has also managed to wrangle a better deal from its creditors than what GM has been able to get so far. Way to go Ford!
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