(H/T – BerryLaker)
Seems the only Detroit automaker not to declare bankruptcy is showing continued strength financially.
The Dearborn, Mich., automaker will pay $3.8 billion in cash to a United Auto Workers trust fund that pays retiree health care bills, and it will pay out $255 million in dividends on preferred securities that had been deferred as the automaker worked its way through financial troubles. The company now will make quarterly payments on the securities, which are a combination of preferred stock and bonds.
Ford CEO Alan Mulally said in a statement that the payments are another sign of confidence that the company’s restructuring plan is working.
“We expect to continue to improve our balance sheet as we deliver on our plan,” Mulally said. (Source: Yahoo! Finance)
Way to continue proving it wasn’t necessary to become owned by the government to survive.
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