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Ford said it would pay off $1.9 billion of a $10.7 billion line of credit, the Detroit Free Press reported Wednesday.
Lenders agreed to move deadlines on the $7.2 billion in loan payments from Dec. 15, 2001 to Nov. 30, 2013.
Ford also said it would fold $724 million of its debt into the new payment structure, making the total of converted debt $7.9 billion.
Unlike General Motors Co. and Chrysler Group, Ford managed to avoid filing for bankruptcy during a prolonged industrywide slump. However, "we are very pleased with the results of the amendment, extension to our revolving credit facility and new term loan. We appreciate the support of our banking partners," Ford Vice President and Treasurer Neil Schloss said in a statement.
Copyright 2009 by United Press International.
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