Ford financial crisis playbook borrows $15.4 billion coronavirus - Business Insider

announced it would access $15.4 billion in credit lines, adding to $20 billion cash on hand, to combat the effects of the coronavirus outbreak.

Ford also said it would suspend its quarterly dividend, which has been the highest in the auto industry.Visit Business Insider's homepage for more storiesOn Thursday, Ford announced that it would tap $15.4 billion in credit lines, adding to $20 billion in cash on its balance sheet to weather the coronavirus pandemic.

The level of borrowing is reminiscent of the carmaker's actions prior to the financial crisis, when it effectively mortgaged all its assets to borrow $24 billion, averting the bankruptcies that General Motors an Chrysler endured. "Like we did in the Great Recession, Ford is managing through the coronavirus crisis in a way that safeguards our business, our workforce, our customers and our dealers during this vital period," CEO Jim Hackett said in a statement.

"As America's largest producer of vehicles and largest employer of autoworkers, we plan to emerge from this crisis as a stronger company that can be an engine for the recovery of the economy moving forward."On Wednesday, Ford announced that it

Stop advertisement thaurds your health esus

DBChirpy been there done that. First comes We the People. Then Corporate. If HouseGOP SenateGOP are about capitalism they must stop perpetuating Corporate Socialism.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Incredible Health used this pitch deck to raise $15 million - Business InsiderAutomation startup Incredible Health cuts the time it takes hospitals to recruit nurses by more than half. It used this pitch deck to raise a Series A
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »

Ford is shutting down factories in Europe amid worsening coronavirus outbreak - Business InsiderThe automaker will shut down plants in Germany and Romania after halting production at a factory in Spain after three COVID-19 cases emerged.
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »

GM, Ford, Fiat Chrysler shutting US factories coronavirus - Business InsiderThe Detroit Big Three and the UAW had earlier agreed to a production drawdown, but further coronavirus cases at plants has led to more shutdowns.
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »