Detroit – Ford Motor Co. chairman and chief executive Bill Ford said Wednesday that bankruptcy isn't an option for the nation's No. 2 automaker, which is struggling to return its North American division to profitability. Ford said the company has strong liquidity – with about $20 billion in cash – and that regions outside North America are performing well. Ford earned $2 billion last year, down 42 percent from a year earlier but still its third consecutive yearly profit. Nonetheless, Ford's North American division lost $1.6 billion last year, and the automaker's debt rating has been slashed to below investment grade. Ford also is steadily losing U.S. market share. The company now has around 18 percent of the U.S. market, down from 26 percent a decade ago.