In a move that would add pressure on rival General Motors Corp. to seal a deal with its creditors, Ford Motor Co. said a refinancing would slash $9.9 billion from its debt, the Wall Street Journal reports.

The cash and equity offer launched by Ford last month received a better-than-expected reception from its creditors, cutting an annualized $500 million in interest expenses.

Ford and its rivals are still struggling under the weight of falling global auto sales, and the move will help the company's stated aim of avoiding any resort to U.S. government aid.

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