Kerkorian Adds $100 Million to Loan for Ford Shares |
| Bloomberg - May 23, 2008 |
Billionaire investor Kirk Kerkorian said he has added $100 million to his funds for buying shares of Ford Motor Co. a day after the automaker abandoned its forecast that it will return to profitability next year.
Kerkorian may borrow as much as $600 million from Bank of America Corp., an increase from $500 million, according to a U.S. regulatory filing today by his Tracinda Corp. investment company. He also reaffirmed that officials at Dearborn, Michigan-based Ford ``would be agreeable'' to meeting with him. Tracinda spokesman Tom Johnson had no comment.
Kerkorian's increased resources come as Ford struggles with a slowing U.S. economy and rising fuel and materials prices that prompted the automaker to announce further cuts in jobs and production yesterday. Kerkorian said May 9 he would consider buying shares beyond 120 million planned and has studied options for an outside ``infusion'' of capital into Ford.
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- Posted: 2008-05-23 08:49:28
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