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Ford's bonds rise 20 pct after plan submitted

Tue Dec 2, 2008 1:37pm EST

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NEW YORK, Dec 2 (Reuters) - Ford Motor Co's (F.N) bonds rallied on Tuesday after the automaker submitted a restructuring plan to Congress as it sought up to $9 billion via a government credit line.

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Ford's 7.45 percent bonds due in 2031 rose to 27.5 cents on the dollar, up from 23 cents on Monday, according to MarketAxess.

Ford on Tuesday asked Congress for the government credit line to support its restructuring, saying it expects to break even or be profitable in 2011. For details click on [ID:nN02193699]. (Reporting by Dena Aubin) (dena.aubin@thomsonreuters.com; +1-646-223-6325; Reuters Messaging: dena.aubin.reuters.com@reuters.net))
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