Ford announced today that it will reduce its current debt load by $4 billion. The American manufacturer will pay $3.8 billion owed to the UAW Retiree Medical Benefits Trust ahead of schedule as well as $255 million in dividends on preferred securities starting July 15.
For those who don’t know, by the end of the first quarter, Ford owed about $34 billion in automotive debt as the result of $23 billion in loans the company took out in 2006. The payment made today, will reduce the debt owed to about $27 billion.
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