Ford in talks with U.S. Treasury to unfreeze credit

According to FoMoCo’s finance unit, the automaker is in talks with the Treasury Department and Federal Reserve on how to unfreeze the credit markets. Spokeswoman Margaret Mellott declined to say whether the request for funds will come from TARP. GM and Chrysler have both tapped into the TARP program.

Ford previously said that it is not looking for immediate assistance but had asked for access of up to $9 billion in bridge financing if needed.

The automaker said that it hopes to complete the transformation and restructuring process without accessing government loans.

Source: Detroit News