Ford continues to circle the drain

Ford Motor Co. announced Thursday another huge quarterly loss of 5.9 billion dollars, capping a nightmarish year, but said it had "sufficient liquidity" to fund its turnaround plan without US government aid. The number two US automaker's results showed a sharp widening of its losses as auto sales were slammed in the fourth quarter by a deep economic crisis and credit squeeze.

But Ford said that unlike rivals GM and Chrysler, it had enough cash to keep operating as it executes a restructuring plan.

"Based on current planning assumptions, it does not need a bridge loan from the US government, barring a significantly deeper economic downturn or a significant industry event, such as the bankruptcy of a major competitor that causes disruption to the company's supply base, dealers or creditors," Ford said in a statement.