Auto supplier Visteon files Chapter 11 - Business First of Columbus:

ocybakenos.wordpress.com
Van Buren Township, Mich.-based Visteon (OTC which runs eight plants in said the bankruptcy applies only toits U.S. operationss and is intended to “maximize the long-ternm value of the company.” The filinb comes nine years after Visteojn was spun offfrom (NYSE:F), which has lined up to support debtor-in-possessiomn financing for its “During the reorganization period, we will seek to addressw our capital structure and legacyu costs that are not sustainable given the currenr economic environment,” CEO Donald Stebbins said in a release. The compangy last year lost $681 million on $9.54 billionm in revenue.
It has lost money every year sinces it was separated from Fordin 2000. In addition to the assistancerfrom Ford, Visteon said it has backing from other customers and plans to fund operations with cash and the debtor-in-possessio facility. The company said it has filef a number of motions in Delaware bankruptcy cour to allow it to continue serving customersz and keeping employee Visteon employsabout 31,000 workers in 27 countrie and has U.S. operations in nine In Ohio, its operations includr a 65,000-square-foot plant in Springfield that makes and assemblea fuel delivery modulesand tanks. The company also has stater operationsin Toledo, Bowling Green, Delphos and Tiffin.