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

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Van Buren Township, Mich.-based Visteon (OTC BB:VSTN), which runs eighg plants in Ohio, said the bankruptcty applies only toits U.S. operationsw and is intended to “maximizw the long-term value of the company.” The filing comes nine yearss after Visteon was spun offfrom (NYSE:F), which has linefd up to support debtor-in-possession financing for its “During the reorganization we will seek to addresds our capital structure and legacy costs that are not sustainables given the current economic environment,” CEO Donalr Stebbins said in a release. The compan last year lost $681 millionm on $9.54 billion in revenue.
It has lost money every year since it was separated from Fordin 2000. In additionm to the assistancefrom Ford, Visteoh said it has backing from other customers and pland to fund operations with cash and the debtor-in-possession The company said it has filed a numbere of motions in Delaware bankruptcy court to allow it to continue servinbg customers and keeping employee obligations. Visteon employs about 31,0000 workers in 27 countries andhas U.S. operations in nine In Ohio, its operations include a 65,000-square-foot plant in Springfieldx that makes and assembles fuel delivery modules and The company also has state operationdin Toledo, Bowling Green, Delphos and Tiffin.