Posted by Rick Kr on November 30, 2011 at 19:14:26 from (67.108.89.121):
In Reply to: Re: Red Wing?? posted by LJD on November 30, 2011 at 10:26:45:
LJD. I don"t disagree with what you are saying in principal. The US/Canada governments own the majority of GM an Chrysler. Ford is owned by banks. To me, thats the same thing. None of are free and clear. Just like your house, you don"t own it "til you hold the note. The bank does.
GM is also making its loan repayments ahead of schedule, just like Ford. Don"t know about Chrysler.
You are correct in the fact that Ford did not take a bail-out, they secured the money from large banks, not governments. GM/Chrysler did take a goverenment loan. They didnt have the operating cash to continue with out the bailout.
Ford just did it when times were a little better during late 2006.
Highlights from mainstream media:
Ford Motor Co. is going all in on a bet-the-company financing strategy that will put virtually all of its U.S. assets -- including factories, office buildings and technology -- up as collateral in a multibillion-dollar credit deal designed to buy time to execute a North American restructuring.
The struggling automaker hopes to obtain $18 billion in financing to fund its turnaround and shore up its liquidity as protection against unanticipated events, such as a recession, the company said in a statement Monday.
The financing will include up to $15 billion in secured loans, which will be backed by most of Ford"s domestic assets, as well as all or part of the stock it owns in subsidiaries such as Ford Motor Credit Co. and Volvo.
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