US automotive supplier Visteon Corp (Dearborn, Michigan / USA; www.visteon.com) and certain of its US subsidiaries have voluntarily filed petitions for reorganisation under Chapter 11 in the US bankruptcy court for the District of Delaware. The former Ford subsidiary expects to continue to operate throughout the process and to fund its operations with its US cash balance, cash flows from operations and a debtor-in-possession facility. It said that Ford has issued a commitment letter supporting debtor-in-possession financing for Visteon’s restructuring efforts and to ensure long-term continuity of supply. Visteon added that other global customers have also expressed their support.

Donald Stebbins, Visteon chairman and chief executive officer said that the company had taken the action to maximize the long-term value of the company. “During the reorganisation period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment. The results of these actions…will allow Visteon to emerge a financially sound and well-positioned company.”

Visteon said that no subsidiaries or joint ventures outside the US are part of the filing. The company put its UK subsidiary Visteon UK Ltd administration at the end of March 2009 – see Plasteurope.com of 03.04.2009.