Post by TonyV on Dec 5, 2009 2:29:25 GMT -5
Ford to issue up to $1B in new stock
Bryce G. Hoffman / The Detroit News
Ford Motor Co. will issue up to $1 billion in new stock, according to documents filed by the company with the U.S. Securities and Exchange Commission after the markets closed on Friday.
In the filings, the Dearborn automaker said the proceeds will be used for "general corporate purposes."
Ford has been periodically issuing new shares to whittle away its debt, which remains a competitive disadvantage after its cross-town rivals, General Motors Co. and Chrysler Group LLC, eliminated much of their debt during their bankruptcy reorganizations earlier this year.
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Ford shares closed unchanged Friday at $8.94 a share.
bhoffman@detnews.com (313) 222-2443
Bryce G. Hoffman / The Detroit News
Ford Motor Co. will issue up to $1 billion in new stock, according to documents filed by the company with the U.S. Securities and Exchange Commission after the markets closed on Friday.
In the filings, the Dearborn automaker said the proceeds will be used for "general corporate purposes."
Ford has been periodically issuing new shares to whittle away its debt, which remains a competitive disadvantage after its cross-town rivals, General Motors Co. and Chrysler Group LLC, eliminated much of their debt during their bankruptcy reorganizations earlier this year.
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Ford shares closed unchanged Friday at $8.94 a share.
bhoffman@detnews.com (313) 222-2443