Ford Bankruptcy???
#1
Ford Bankruptcy???
What if GM buys out Ford.....? An end of the quarrel? A bigger opening for foreign cars? Imagine the possibility if they actually do go belly up...
Cited from: http://www.bizjournals.com/albuquerq...3/daily23.html
The analyst who predicted the downfalls of Enron and Worldcom long before Wall Street has named another victim: Ford Motor Co.
In an interview with the Daily Telegraph of London, Sean Egan, founder of the Egan-Jones ratings agency, predicted Ford (NYSE: F) could be forced into bankruptcy because of its $150 billion in debt, sluggish sales and the world's economy.
Egan told the paper that Ford's pension fund liabilities and lack of cash to fund borrowings were just two of eight reasons Ford could be in financial trouble.
"If it didn't have the name Ford, it would be in bankruptcy right now," Egan told the paper.
Egan cited other concerns for Ford, including the $18 billion in debt it has to repay by the end of this year, rising to $26 billion in 2004.
Ford lost $5 billion in fiscal year 2001, and $326 million in the quarter ended Sept. 30, 2002.
At the closing of the stock market on March 6, Ford's stock was trading at $7.45 per share. This compares with $15.77 per share during the same time last year.
In a prepared statement, a Ford spokesman said, "Ford is fundamentally strong and we continue to improve our business performance. Our corporate revitalization plan is gaining momentum on every front. As we prepare to celebrate our 100-year anniversary we are confident in our outlook for a successful future."
Founded in 1903, Dearborn, Mich.-based Ford's vehicle list includes Lincoln, Mercury, Mazda, Volvo, Jaguar, Land Rover and Aston Martin.
According to New Mexico Business Weekly's 2002 Book of Business Lists, Rich Ford was the top-selling auto dealership in New Mexico. The business sold 3,939 new Fords in 2001, about 1,000 more than its closest competitor.
Cited from: http://www.bizjournals.com/albuquerq...3/daily23.html
The analyst who predicted the downfalls of Enron and Worldcom long before Wall Street has named another victim: Ford Motor Co.
In an interview with the Daily Telegraph of London, Sean Egan, founder of the Egan-Jones ratings agency, predicted Ford (NYSE: F) could be forced into bankruptcy because of its $150 billion in debt, sluggish sales and the world's economy.
Egan told the paper that Ford's pension fund liabilities and lack of cash to fund borrowings were just two of eight reasons Ford could be in financial trouble.
"If it didn't have the name Ford, it would be in bankruptcy right now," Egan told the paper.
Egan cited other concerns for Ford, including the $18 billion in debt it has to repay by the end of this year, rising to $26 billion in 2004.
Ford lost $5 billion in fiscal year 2001, and $326 million in the quarter ended Sept. 30, 2002.
At the closing of the stock market on March 6, Ford's stock was trading at $7.45 per share. This compares with $15.77 per share during the same time last year.
In a prepared statement, a Ford spokesman said, "Ford is fundamentally strong and we continue to improve our business performance. Our corporate revitalization plan is gaining momentum on every front. As we prepare to celebrate our 100-year anniversary we are confident in our outlook for a successful future."
Founded in 1903, Dearborn, Mich.-based Ford's vehicle list includes Lincoln, Mercury, Mazda, Volvo, Jaguar, Land Rover and Aston Martin.
According to New Mexico Business Weekly's 2002 Book of Business Lists, Rich Ford was the top-selling auto dealership in New Mexico. The business sold 3,939 new Fords in 2001, about 1,000 more than its closest competitor.
#3
RE: Ford Bankruptcy???
Ford has taken drastic measures to cut cost ie closing idle factories. Will it be enough? Who knows....but it would sure be crazy if they did! This is a classic example of how unions can run a company into the ground. All those people who were getting paid to work when the factory was not even producing will soon be out of a job or already are. Yay for Unions!
What's going to happen to jaguar, aston martin, land rover, and volvo? Could they be sold off to gain some cash?
What's going to happen to jaguar, aston martin, land rover, and volvo? Could they be sold off to gain some cash?
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