Global automotive supplier Visteon Corporation announced that Visteon and certain of its U.S. subsidiaries voluntarily filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. The petitions were filed in the U.S. Bankruptcy Court for the District of Delaware. No Visteon subsidiaries or joint ventures outside the U.S. are part of the filing. The company said it will continue to operate throughout reorganization process
And seek to improving capital structure for achieving long-term competitiveness.
Visteon expects to fund its operations with its U.S. cash balance, cash flows from operations and a debtor-in-possession facility. Ford Motor Company has executed a commitment letter to support debtor-in-possession financing for Visteon's restructuring efforts and to ensure long-term continuity of supply. Other global customers have also expressed their support. Visteon Corporation is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers.
30-May-09 
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