Ford Cutting $1.9 Billion In Debt (F)

Ford Motor Company

announced that it will be issuing 274 million shares in a bond exchange, which will help it cut $1.9 billion in debt. Ford will issue the new shares on Nov. 30. As part of the exxchange, it will make a $534 million payment, and will also take a $960 million charge during the fourth quarter due to the exchange. Ford said it will be net cash positive at year end. Shares of Ford are up 19 cents to $15.89, a gain of 1.2%.