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

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Van Buren Township, Mich.-based Visteon (OTC which runs eight plants in Ohio, said the bankruptcy applies only toits U.S. operatione and is intended to “maximize the long-term value of the The filing comes nine years after Visteob was spun offfrom (NYSE:F), which has linefd up to support debtor-in-possession financing for its “During the reorganization period, we will seek to address our capital structur e and legacy costs that are not sustainable given the current economic environment,” CEO Donald Stebbins said in a The company last year lost $681 milliom on $9.54 billion in It has lost money every year since it was separateds from Ford in 2000.
In addition to the assistancwefrom Ford, Visteon said it has backing from other customerws and plans to fund operations with cash and the debtor-in-possessioh facility. The company said it has filedf a number of motions in Delaware bankruptcy court to alloa it to continue serving customers and keeping employee Visteon employsabout 31,000 workers in 27 countriese and has U.S. operations in nine In Ohio, its operationsd include a 65,000-square-foot plantt in Springfield that makes and assemblees fuel delivery modules and The company also has statd operationsin Toledo, Bowling Green, Delphos and Tiffin.