Ford Says It Can Wait Until 2009 for Bailout Package

Even if a bailout doesn’t come until 2009, Ford Motor Company may be okay – the company says it has enough money in its coffers to operate through the end of the year.

As some Republicans continue to block the bailout, this is crucial – the cash reserves allow Ford to continue operating through January 21. That’s when Democratic President-Elect Barack Obama takes office and several other Democrats legislators assume seats formerly held by Republicans. With more Democrats in office in Washington who support the bailout, the current deadlock could end, which could help pass any aid package.
“Our liquidity is such that we don’t have to access the loans immediately, but that’s going to depend on the economy going forward, and we think it’s prudent to be prepared for 2009, which may be worse than 2008,” said Mark Fields, head of Ford’s operations in the Americas.
“We’re seeing November so far develop along the same lines as October. We’re not seeing any further deterioration, but clearly on a year-over-year basis, it’s down significantly,” Fields commented.
Source: Automotive News

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