UPDATE 1-Ford wipes $4 bln debt off balance sheet


* Ford has reduced debt by $7 billion in current quarter * Ford pays $3.8 billion to UAW retirement trust * Ford to save $470 million-plus yearly interest payments * Ford stock rises 5 percent in early trading DETROIT, June 30 (Reuters) - Ford Motor Co said on Wednesday it was reducing its debt by $4 billion, and has cleared $7 billion of debt from its overloaded balance sheet this quarter. Ford announced it would pay $3.8 billion in cash to a trust fund for retired union ...

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