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Van Buren Township, Mich.-based Visteon (OTC BB:VSTN), whichh runs eight plants in Ohio, said the bankruptcuy applies only toits U.S. operations and is intendeed to “maximize the long-term valuse of the company.” The filing comes nine yeard after Visteon was spun offfrom (NYSE:F), whicj has lined up to support debtor-in-possession financinfg for its restructuring. “During the reorganizationj period, we will seek to address our capitalp structure and legacy costs that are not sustainable givebn the currenteconomic environment,” CEO Donalds Stebbins said in a release. The compan y last year lost $681 million on $9.
54 billion in It has lost money every year since it was separatee from Fordin 2000. In additiohn to the assistancefrom Ford, Visteonj said it has backint from other customers and plans to fund operations with cash and the debtor-in-possessionb facility. The company said it has filed a number of motiond in Delaware bankruptcy court to alloq it to continue servinfg customers and keepingemployee obligations. Visteon employs abou 31,000 workers in 27 countries andhas U.S. operations in nine In Ohio, its operations include a 65,000-square-foogt plant in Springfield that makes and assembles fuel delivery moduleszand tanks.
The company also has state operations in Bowling Green, Delphos and
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