Sports Calendar

Goldman Sachs, JPMorgan Chase and Citigroup are handling Ford’s debt refinancing and the company hopes to have the total amount secured by the end of December.

A source close to the company indicated that most of the $3 billion portion of the debt financing could be raised by the issue of corporate bonds, as could some of the $7 billion portion.

Analysts also suggested that the debt refinancing lessens the likelihood of Ford being forced to sell off Jaguar, the classic British car marque.

“The deal would also seem to suggest that the chances of further asset sales for purposes of improving liquidity (particularly Ford Motor Credit, but also potentially Jaguar) now seem more remote,” Himanshu Patel, a JPMorgan motor industry analyst, said.

Mr Patel added in a research note that the debt refinancing also reduced the chances of Ford filing for bankruptcy in the near future.

The market did not react favourably to Ford’s debt plans. The shares were down almost 3 per cent at $8.27 by early afternoon on Wall Street.

General Motors, suffering from the same dire market conditions as Ford, has borrowed some $5.7 billion secured against assets so far this year.

Giant still straddles the world

$177bn annual sales

300,000 number of employees worldwide

108 number of factories around the world

8 Number of brands

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax