Ford Motor Company says it lost $5.9 billion in the fourth quarter of 2008 and spent $5.5 billion in cash as sales plummeted, but will not seek federal loans from the automotive bailout fund. The Associated Press (AP) reports that the company plans to cut more jobs and will borrow $10.1 billion from an existing line of credit in order to survive what is expected to be a difficult year ahead. AP says that Alan Mulally, Ford's CEO, told reporters on a conference call today that additional restructuring plans will be announced at a later date. The company also announced that its credit arm will cut 1,200 jobs, and that it has reached an agreement with the United Auto Workers (UAW) union to end the "jobs bank," through which laid-off workers get most of their pay. Chrysler LLC and General Motors have already announced plans to end their jobs banks.
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