From Automotive News and Reuters:
Visteon Corp., the auto-parts maker that hasn't posted an annual profit since being spun off from Ford Motor Co. nine years ago, said on Thursday it had filed for Chapter 11 bankruptcy protection for its U.S. operations.
Visteon said Ford has committed to ensure long-term continuity of supply and to support debtor-in-possession (DIP) financing for the restructuring efforts.
Ford is still Visteon's biggest customer and accounted for about 31 percent of its $1.35 billion of sales last quarter.
"During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment," Visteon CEO Donald Stebbins said in a statement.
No Visteon subsidiaries or joint ventures outside the United States are part of the filing in the U.S. Bankruptcy Court for the District of Delaware, the company said.
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