At the start of the year[2006], Ford had announced a restructuring plan involving shedding 30,000 hourly jobs and 14,000 salaried workers, about one-third of its labor force.
Later that year, it raised $23.6 billion in loans by putting many of its most cherished North American assets up as collateral, including the Ford logo. Although the economy was healthy then, Alan R. Mulally, its new chief executive, said the money would give Ford “a cushion to protect for a recession or other unexpected event.” At the time, the request was considered an act of desperation.
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