Bankruptcy

Some Good News

By J. Michael McBride

Ford has returned to profitability, at least as reflected in its second quarter reports. According to the Wall Street Journal [ http://online.wsj.com/article/SB124834005025175293.html#mod=djemalertNEWS ], Ford reported a 2.3 billion profit for the second quarter, as compared to a loss of 8.67 billion for the same time period last year. "Helped by a lightened debt load, Ford Motor Co. posted a surprise second-quarter profit of $2.8 billion today, following the worst loss in company history a year earlier. Shares rose more than 6 percent in morning trading. The net profit ends a string of four straight quarterly losses for the nation's second-largest automaker, which has gained U.S. market share at the expense of crosstown rivals Chrysler Group LLC and General Motors Co., both of which spent time under bankruptcy court supervision. Ford last went into the black in the first quarter of 2008, with net profit of $70 million."

Here is a link to one article on this topic (and the WSJ can be searched for the same story, with a subscription): http://www.chron.com/disp/story.mpl/business/6543235.html

Michael

Full post as published by Texas Lawyer Blog on July 24, 2009 (boomark / email).