Ford to draw down $15.4 billion from two credit lines

(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 financial 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)