Ford extends buyout offer

In a shrude move just days ago, Ford extended its buyout offer to approximately 42,000 U.S. factory workers who happen to be represented by the United Auto Workers union. The deadline which now has been moved to June 26, give the workers a little more time to decide. Ford is the only U.S. auto maker that has decided that it can run without the help of the Federal government. However, Ford knows that it must trim its work force, and offered the buyouts when the union agreed to additional cost cuts and changes to the funding for a UAW-aligned trust for retiree health care. Since 2006, Ford has already cut it workforce in half, but more are to come.

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Most likely Ford will be closing some of its dealerships soon, just like GM/Chrysler has announced that they will do. But Ford believes that they have what it takes to stay in business. There will be sacrificing by everyone involved, but at least they will still be in business. Unless something changes, it would be a good guess that they may be the only auto giant that would not face bankruptcy. General Motors and Chrysler has just a very short deadline now to come up with a plan to become profitable or they will be next to file bankruptcy. It would become the largest bankruptcy in U.S. history if it took place.