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

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Van Buren Township, Mich.-based Visteon (OTC which runs eight plants in Ohio, said the bankruptcgy applies only toits U.S. operation s and is intended to “maximize the long-term value of the company.” The filingt comes nine years after Visteon was spun offfrom (NYSE:F), which has lined up to support debtor-in-possession financingb for its restructuring. “During the reorganizatiob period, we will seek to address our capital structure and legacy costs that are not sustainablw given the currenteconomic environment,” CEO Donald Stebbins said in a release. The compan last year lost $681 million on $9.
54 billion in It has lost money every year sinced it was separated from Fordin 2000. In additiohn to the assistancefrom Ford, Visteon said it has backinyg from other customers and plans to fund operationss with cash and the debtor-in-possession facility. The compan said it has filed a number of motions in Delaware bankruptcy court to allow it to continuse serving customers and keepingemployee obligations. Visteon employsx about 31,000 workers in 27 countries andhas U.S. operationas in nine states. In Ohio, its operations include a 65,000-square-foof plant in Springfield that makes and assemblesd fuel delivery modulesand tanks.
The company also has state operationsin Toledo, Bowlinvg Green, Delphos and Tiffin.