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Ford chairman rules out bankruptcy

Ford’s chairman and CEO Bill Ford, has said that bankruptcy is not an option for his struggling company.

He spoke at the Automotive Industry Action Group meeting in Detroit this week. Ford’s North American automotive business is losing market share and lost $1.6bn (£910m) last year, although Ford’s global profits reached $2bn (£1.13bn).

Ford recently announced a North American restructuring plan, which involves the loss of up to 30,000 jobs and the closure of 14 US plants over the next six years.

"We're acutely aware of the state of our industry, of the state of a lot of the companies we do business with, and frankly, our own deteriorating ratings with the ratings agencies, and so we're working very hard on the fundamentals of our business," said Ford.

"We've got one big problem and it's the US auto business, and we're going to fix that, and when we fix that this discussion will disappear."

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