On Wednesday, Ford Motor Co. (Ford) and its financing arm, Ford Motor Credit Company (Ford Credit), jointly announced a debt restructuring plan intended to significantly reduce Ford’s debt obligations and related annual interest expenses “through a combination of a conversion offer by Ford and tender offers by Ford Credit.” Ford President and CEO Alan Mulally described the debt restructuring plan as “a critical step in Ford’s overall transformation.” Ford indicated that the adoption of its debt restructuring plan “follow[s] previously announced tentative agreements with the United Auto Workers, that if, ratified will allow Ford to lower its hourly labor costs and provide the opinion to use common stock to pay up to 50 percent of future payments to the voluntary Employee Beneficiary Associate health care trust.” Unlike its industry competitors, General Motors and Chrysler, Ford has not sought government bail-out assistance.