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Ford Motor says it will eliminate up to $10.4 billion of its debt by offering debtholders cash and stock instead, as the automaker continues to restructure amid a severe automotive sales downturn.
Slideshows From CNBC.com
The Dearborn, Mich., automaker and its financial arm are putting up $2.2 billion in cash and about 500 million shares of stock to entice holders of bonds and secured-term debt.
Ford [F
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] said Wednesday it is restructuring the debt to reduce its costs and remain competitive, and it still does not intend to seek government loans.
General Motors [GM
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] and privately held Chrysler also are trying to swap debt for equity as a requirement of the $17.4 billion in government loans they have received.
Shares of both Ford and GM fell steeply in late trading Wednesday. Click here for real-time, after-hours quotes.
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