No. The market only cares about Ford's debt in so much as (1) Fords debt service reduces free cash flow and (1) it threatens a potential bankruptcy that could w

No. The market only cares about Ford's debt in so much as (1) Fords debt service reduces free cash flow and (1) it threatens a potential bankruptcy that could wipe out equity in the worst case. Sure, cancelling the debt would eliminate the debt service and significantly increase Ford's free cash flow, its market cap should increase, but only if doing so was free.