Goldman Sachs 2009 Annual Report Download - page 13

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11
FORD MOTOR COMPANY
CHICAGO ASSEMBLY PLANT
In early 2009, with the auto industry reeling from the recession,
Goldman Sachs worked with Ford to develop a plan to
strengthen its capital structure by retiring a substantial portion
of its outstanding debt. While Ford had a solid cash position,
due in part to a 2006  nancing managed by Goldman Sachs and
others, the transaction was structured to use a mix of cash
and stock for the repurchase of outstanding debt, leaving Ford
with more cash to help weather the severe business conditions.
The transaction was a critical piece of Ford’s overall restructuring
efforts as the company’s cost-saving United Auto Workers labor
agreement in early 2009 was contingent on Ford achieving
meaningful debt reduction. Ford was able to retire approximately
$10 billion of its debt through this restructuring. Subsequently,
Ford completed a $1.6 billion equity offering, also managed by
Goldman Sachs, to further improve its balance sheet.
A true team effort within Goldman Sachs’ Investment Banking
division helped Ford achieve its  nancing goals. Since managing
the initial public offering of Ford common stock in 1956,
Goldman Sachs’ continuing relationship with Ford is one example
of our long-standing commitment to our clients.
Our Work Enables Growth