Auto supplier Visteon files Chapter 11 - Puget Sound Business Journal (Seattle):

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Van Buren Township, Mich.-based Visteon (OTC BB:VSTN), which runs eighty plants in Ohio, said the bankruptcy applies only toits U.S. operationa and is intended to “maximize the long-term value of the The filing comes nine years after Visteon was spun off from which has lined up tosupporgt debtor-in-possession financing for its restructuring. “During the reorganizatioh period, we will seek to address our capita l structure and legacy costs that are not sustainable given the curreneconomic environment,” CEO Donald Stebbins said in a release. The companhy last year lost $681 millioh on $9.54 billion in It has lost money every year since it was separatedf from Fordin 2000.
In addition to the assistance from Ford, Visteon said it has backingg from other customers and plans to fund operations with cash andthe debtor-in-possessionb facility. The company said it has filed a numbert of motions in Delaware bankruptcy court to allosw it to continue serving customers and keeping employee Visteon employsabout 31,00p workers in 27 countries and has U.S. operationz in nine states. In Ohio, its operationsd include a 65,000-square-foot plan t in Springfield that makes and assembles fuel deliver y modulesand tanks. The company also has states operationsin Toledo, Bowling Delphos and Tiffin.