FoMoCo CEO Alan Mulally is saying bankruptcy protection is not an option for the automaker. Mulally said that Ford has completed most of its restructuring that will make it a competitive automaker in today’s market.
“It absolutely doesn’t work for us. It doesn’t make sense to us,” Mulally told Automotive News. “People aren’t going to buy cars from bankrupt companies when they have great choices.”
In the first half of 2008, Ford lost $8.6 billion and analysts are saying that the company could have more losses in the third and fourth quarter. Overall sales in 2008 have declined 18 percent. Mulally declined to comment on more job cuts and plant closings. Earlier this morning, Kirk Kerkorian sold another 26.4 million of his shares reducing his holding to 4.9 percent.
Source: Automotive News (Subscription Required)