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DOW JONES NEWSWIRES
Ford Motor Corp. (F) Chief Executive Alan Mulally said the auto
maker had no current plans to tap equity markets or issue
additional equity.
Mulally said Ford, the only Big Three company that hasn't filed
for bankruptcy protection, would remain focused on improving its
balance sheet and reducing debt.
The comments come after other media outlets reported that
Mulally suggested in an interview earlier Thursday that the company
was considering trading more of its debt for equity and selling
more common stock to improve its balance sheet.
The company's long-term plans include restructuring to operate
profitably in the new and changing market and accelerate the
development of new products based on consumer demand.
Ford has shunned the kind of U.S. government bailout given to
bankrupt rivals General Motors Corp. (GMGMQ) and Chrysler LLC. The
company has repeatedly said it doesn't have any plans to seek a
U.S. government bailout or participate in the government's
auto-parts supplier aid program even as car and trucks sales have
plummeted.
However, Ford has sought aid for its credit arm and to comply
with environmental regulations in the U.S. and abroad.
Ford's shares were down 3.4% to $5.98 in recent trading. The
stock has surged after tumbling to nearly $1 in November.
-By John Kell, Dow Jones Newswires; 201-938-5285;
john.kell@dowjones.com