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Blockbuster Inc. Message Board

  • gmaggipinto5 gmaggipinto5 Mar 30, 2010 9:21 PM Flag

    who owned F a year ago ?

     

    This was Ford a year ago today


    Ford to buy back debt, swap it for stock amid restructuring
    (AFP) – Mar 4, 2009

    CHICAGO (AFP) — Ford Motor Co. announced plans Wednesday to reduce the cost of servicing its massive debt by buying back some bonds and swapping others for stock.

    Ford is offering to spend up to 2.2 billion dollars in order to retire up to 10.4 billion dollars in debt, spokesman Mark Truby said.

    Ford, which has lost nearly 30 billion dollars in the past three years, currently has about 25 billion dollars in outstanding debt.

    The automaker is in the midst of a major restructuring as it struggles to slash costs in the wake of a collapse in auto sales, amid a broad economic crisis.

    Ford has repeatedly said it has sufficient cash on hand to survive the downturn without government aid, unlike rivals General Motors and Chrysler which last month asked the US Treasury for billions more to keep their operations afloat.

    "The debt restructuring plan we are announcing today is a critical step in Ford's overall transformation," Ford President and CEO Alan Mulally said in a statement.

    "We are continuing to work with all of our stakeholders -- including employees, dealers and suppliers -- to secure Ford's future in this difficult economic environment."

    Ford's financial arm, Ford Motor Credit, will spend up to 1.8 billion dollars in buying back Ford's bonds at between 30 and 50 percent of their face value, Truby told AFP.

    Those bonds are currently trading at between 20 and 30 percent of their face value.

    Ford will spend up to 400 million dollars on cash premiums to induce bond holders to convert up to 4.88 billion dollars in debt for shares of Ford's common stock.

    Ford has also recently reached a tentative agreement to meet up to 50 percent of its outstanding obligations to a trust fund for retiree health care benefits with stock instead of cash, Ford said.

    See if you sold F during the renegotiation, you made a mistake.
    And if you sold DAN bec/ of the reverse split proposal at the 2009 shareholder meeting..you made another mistake.

    Let's see..BBI is proposing a reverse split at it's upcoming shareholder meeting.
    and They're renegotiating with their debt holders with their notes trading for 20-30 cents on the dollar.
    Oh and Edya Gupts says BK and wants you to sell.
    Just like in C, BAC and VG which never filed, even though he saw riot police called to C and BAC branches.

    This topic is deleted.
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    • When Allen was brought as ceo of Ford from Boeing, a lot of people/analysts said, how can a guy helping to run a plane company Boeing will help run a car company Ford, and said he was a wrong choice for the ceo. But today that choice paid off.

      Hope Keyes will turn out the same way, from 7eleven to BBI, hope he does again at bbi what he did to 7eleven.

      I think BBI is not going to file for BK till end of may for sure, hope some positive things come out in that 60 days from now.

      Meanwhile longs, just write off your holdings in BBI as total losses and stop looking at it day to day for the next sixty days. This way you are already mentally prepared for the worst and anything other than the worst is the best thing.

      GTLA.

      • 1 Reply to suth_sayer
      • Okay, can you guys please tell me why BBI is going to file for BK by end of May? Seriously, why would they do that at this point? Everybody here is saying that they are going to file BK by end of May, yet there is no reason to do that. Are you saying that they will have in essence a pre-packaged deal that you guys are calling a "BK"? Because if that is what you mean, yeah they probably could make an offer to the 2012 bondholders to eliminate some of the debt by then. But, if you are saying they are going to file BK by end of May, going through BK court, why? They have what, about $195 million in cash and a payment of what...somewhere around less than $50 million (not sure of exact number) in interest in Apr/May to the 2014 bondholders, and then another $13.5 million interest payment to the 2012 bondholder in September. Even S&P says they have enough cash to last for 12 to 18 months. Keep in mind that the CEO said they would concentrate on conserving cash in the 1st Q to prevent the fiasco that happened in the 4th Q last year. Now why would BBI file for BK before it is necessary? Anyone? Anyone who can seriously show us why they would? Okay, anybody but lying bashers who don't know jack and refuse to look at any positives. Are you guys all convinced BBI will blow $100+ million in cash in a single quarter, one where stores apparently seem to be doing a bit better?

        No, what I see is hysteria and fear over what isn't there. You guys are either paid to spread this fear, compete idiots, or just people not very well informed, but you think you are an expert on this company because you read Motley Fool articles. It would be funny if it wasn't so sad.

        Now, all that being said, BBI is going to have to take out the 2012 bonds soon. For either cash, shares or a combo of both, and that will likely eliminate the fear of BK for a couple more years, plenty of time for BBI to finish its transformation and turnaround.

    • F is owned by the Globalist illuminati. Henry tried to expose them by writing anti-zionist material which Hitler later used in Mein Kampf. They succeeded in taking over his company. Edsel I believe married a Rothschild.

    • I did.

    • Good point but thats when the government had the policy "Too big to fail" and started shelling out TARP funds. I dont think BBI fits the too big to fail policy. Good try.

 

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