Ford Motor Co. took another step to stay cost-competitive with government-financed automakers General Motors and Chrysler when it offered to exchange up to 40 percent of its debt for cash and stock.
The company and its financial arm are putting up $2.2 billion in cash to entice holders of $10.4 billion in convertible notes, other unsecured debt and secured term debt to take the offer. The company said Wednesday that reducing the debt will cut the amount it pays in interest and put it in better position to compete with General Motors Corp. and Chrysler LLC.
"This is all part of a restructuring plan to make the company healthier in the end," said Ford …
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