Dearborn, Michigan – Ford Motor Company has announced the successful completion of debt restructuring initiatives that will reduce Ford Automotive’s debt by US$9.9 billion, from $25.8 billion.

The reduction, as of December 31, 2008, lowers Ford’s annual cash interest expense by more than $500 million, based on current interest rates.

“By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise,” said president and CEO Alan Mulally. “As with our recent agreements with the UAW, Ford continues to lead the industry in taking the decisive actions necessary to weather the current downturn and deliver long-term profitable growth.”

 
 

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