Communities Brace for Life After Ford

Ford is shuttering 16 more production plants. Read the story here.

On the financial side...Ford revealed recently an SEC filing that it will expand its restructuring financing package to $22-23 billion from the original $18 billion. The company increased its convertible note offering to $4.5 billion from $3 billion to match investor demand. Ford also boosted its revolving credit to $11 billion, up from $8 billion. The credit is backed by Ford's assets; to enlarge it, the company must pay down debt as per last month's $7 billion term loan agreement or collateralize its 1/3 stake in Mazda Motors. A company spokesman said that latter is unlikely.

Ford's increased credit is Wall Street's largest recorded leveraged loan, $17.5 to 18.5 billion. The credit boost is thanks to "overwhelming support by lenders" according to its SEC filing. Analysts had mixed reactions to the news. Ford shares sank by 32 cents to $7.36.

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