March 19, 2020 / 1:19 PM / 18 days ago

Ford to draw down $15.4 bln from two credit lines

March 19 (Reuters) - Ford Motor Co said on Thursday it would draw down $15.4 billion from two of its existing credit lines and suspend dividend to preserve cash as it battles a hit to its business from the fast-spreading coronavirus.

The No. 2 U.S. automaker, which also withdrew its 2020 finnacial forecast, said the additional cash from the borrowings will be used to offset the temporary working capital impacts of the coronavirus-related production shut downs and to preserve.

Reporting by Rachit Vats in Bengaluru and Ben Klayman in Detroit; Editing by Vinay Dwivedi

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