Auto Parts Maker Visteon Files Bankruptcy
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Auto parts maker Visteon (OTC: VSTN), which was spun-off from Ford (NYSE: F), announced today that it and certain of its U.S. subsidiaries voluntarily filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code.
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' restructuring efforts and to ensure long-term continuity of supply. The company said other global customers have also expressed their support.
Other auto parts makers to watch on the news:
- American Axle & Manufacturing Holdings Inc. (NYSE: AXL)
- Lear Corp. (NYSE: LEA)
- Dana Holding Corporation (NYSE: DAN)
- Tenneco (NYSE: TEN)
- TRW (NYSE: TRW)
- ArvinMeritor Inc. (NYSE: ARM)
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