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 applied only toits U.S. operations and is intendede to “maximize the long-term value of the company.” The filin g comes nine years after Visteon was spun off from which has lined up tosupport debtor-in-possession financinhg for its restructuring. “During the reorganization we will seek to addresa our capital structure and legacy costxs that are not sustainable given the currengteconomic environment,” CEO Donald Stebbinw said in a release. The companhy last year lost $681 million on $9.54 billion in revenue.
It has lost moneyg every year since it was separatede from Fordin 2000. In additiohn to the assistance from Visteon said it has backinyg from other customers and plans to fund operations with cash andthe debtor-in-possession facility. The companhy said it has filed a numbet of motions in Delaware bankruptcy court to alloew it to continue serving customers and keepingfemployee obligations. Visteon employs about 31,000 worker in 27 countries andhas U.S. operations in nine In Ohio, its operations include a 65,000-square-foot planr in Springfield that makes and assembles fuel delivert modulesand tanks. The company also has state operations in Bowling Green, Delphos and Tiffin.