Drop In Auto Production Steers Visteon Into Ch. 11

Law360, New York (May 28, 2009, 12:00 AM EDT) -- One of the largest automotive suppliers in the U.S., former Ford Motor Co. subsidiary Visteon Corp., filed for Chapter 11 bankruptcy protection Thursday, citing a “precipitous drop” in vehicle production.

Visteon and 30 of its affiliates filed a petition in the U.S. Bankruptcy Court for the District of Delaware, listing $4.58 billion in assets and $5.32 billion in liabilities.

“Visteon has not been immune to the deteriorating market conditions in the domestic and foreign automotive industry and the global financial crisis,” Visteon said in court filings....
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