Struggling motor manufacturer Ford is mortgaging almost all of its North American operations in order to raise loans of $18bn (£9.3bn) to keep itself afloat.

Ford announced yesterday that for the first time in its 103-year history it was offering its manufacturing equipment, cars and subsidiaries as a guarantee in return for financing. Its cash call will bring in $15bn of secured loans to replace an existing unsecured borrowing facility of $6.3bn. Ford will raise a further $3bn of loans on the capital markets, which could include notes transferable into shares.

The money is equivalent to $3,000 for each vehicle sold by Ford worldwide last year. It will be spent on implementing a radical restructuring including 45,000 job cuts and the closure of 16 plants in the US.

While it is not unusual for companies to raise money backed by their assets, Ford has always before had a sufficiently positive credit rating to avoid pledging its manufacturing facilities.

Analysts said yesterday's move was an indication of the severity of the company's financial problems and the three major credit rating agencies all downgraded the company.

Ford said the loans would be backed by "first priority liens" giving creditors a claim over its principal factories, plus "substantially all" of its domestic automotive assets. Other collateral includes "certain intellectual property, certain real property, all or a portion of certain subsidiaries (including Ford Motor Credit Company and Volvo), certain intercompany payables and notes, and up to $4bn of domestic cash".

It was not immediately clear whether Ford's British assets, which include Jaguar, would be used as security.