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

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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. operationsz and is intended to “maximize the long-term value of the company.” The filing comes nine years after Visteon was spun off from which has lined up tosupport debtor-in-possession financinbg for its restructuring. “Durinb the reorganization period, we will seek to addres s our capital structure and legacy costs that are not sustainablse given the currenteconomic environment,” CEO Donald Stebbins said in a The company last year lost $681 million on $9.
54 billion in It has lost money every year since it was separatede from Ford in 2000. In additionn to the assistancefrom Ford, Visteon said it has backinvg from other customers and plans to fund operations with cash and the debtor-in-possessionj facility. The company said it has file a number of motions in Delaware bankruptcy court to allow it to continuwe serving customers and keepingemployee obligations. Visteon employs about 31,000p workers in 27 countries andhas U.S. operations in nine In Ohio, its operationss include a 65,000-square-foot plant in Springfieldx that makes and assembles fuel deliverh modulesand tanks.
The companyg also has state operationsin Toledo, Bowling Green, Delphos and Tiffin.