Reply #10: Ford CEO dismisses bankruptcy as option [View All]

[ozymandius]

DETROIT — Ford Motor CEO Bill Ford said yesterday that bankruptcy isn't an option for the nation's No. 2 automaker.

Speaking to reporters before being recognized as the Automobile Industry Action Group Executive of the Year, he said the auto industry is in a "precarious" spot. He added, however, that the company, controlled by the Ford family, remains profitable globally even as it carries out the turnaround plan.

"We've got just one big problem, and it's the U.S. auto business, and we're going to fix that," Ford said during his speech accepting the award. "And when we fix that, this discussion will disappear," he added, referring to questions about the company's ability to survive.

Globally, Ford posted a net profit of $2 billion. Though down from $3.5 billion in 2004, Ford's performance last year was a portrait of health in comparison to the $10.6 billion loss posted by larger rival General Motors.

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