Ford Cuts Dividend, Draws Down Credit Lines to Brace for Coronavirus Shutdowns

Ford Motor Company (NYSE: F) suspended its dividend and borrowed billions of dollars from its existing credit lines, as it prepares to shut down most of its factories in North America and Europe. 

Ford said that it is borrowing $15.4 billion in total, the remaining amounts on two existing lines of credit. The company has also suspended payment of its $0.15-per-share quarterly dividend in order to conserve cash. 

Ford paid out about $2.4 billion in dividends in 2019.

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Source Fool.com