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Ford plans to reduce debt by $4 billion

DETROIT — Ford Motor Co., the only Detroit automaker to avoid bankruptcy protection, said Wednesday it will reduce its huge debt by $4 billion as it continues to show signs of financial strength.

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. After the payment, Ford will still owe the UAW trust about $3.6 billion due by 2022, with an option to pay it over three years. The company said it intends to repay the note early but wouldn't say when.

Ford plans to reduce debt by $4 billion 06/30/10 [Last modified: Wednesday, June 30, 2010 8:14pm]
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