Ford submits $9B loan request to congress

Ford Motor Co. submitted its plan to Congress today seeking a loan of as much as $9 billion, saying it expects to break even or be profitable before taxes in 2011.

The automaker said it doesn’t anticipate a “liquidity crisis" in 2009, barring a bankruptcy by a competitor or a more severe economic slump. Chief Executive Officer Alan Mulally said he would work for a $1 annual salary should Dearborn, Michigan-based Ford need to access the loan.

“Government loans would serve as a critical backstop or safeguard against worsening conditions," Mulally said in a statement. The company said it hopes to avoid having to tap the requested financing.