Ford Seeks to Eliminate $10.4 Billion of Its Debt - They're offering 30 cents on the dollar in mostly stock.
The New York Times Bill Vlasic - Nick Bunkley March 4, 2009
DETROIT — The Ford Motor Company said on Wednesday that it hoped to eliminate as much as $10.4 billion in debt by giving cash and stock [...]
Ford said it would put up $2.2 billion in cash, including $1.8 billion from its lending arm, Ford Motor Credit, and 500 million shares of stock to persuade bondholders and other creditors to accept its restructuring offer. [That's 3.135 billion in cash and shares offered for 10.4 billion in debt excluding interest]