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Ford giving Visteon $125 million in financing

Posted Friday, Jun 5, 2009, 11:39 am in Employee News

Ford Motor Co. will provide $125 million or more in debtor-in-possesion financing to Visteon Corp. as the automotive parts supplier reorganizes under Chapter 11 bankruptcy protection, the Associated Press reported.

In a Securities and Exchange Commission filing today, Visteon, which filed for bankruptcy protection last week, said its former parent company would provide aid and also take assignment of Visteon’s asset-backed loans under a revolving credit facility, the news service reported.

Visteon is Ford’s main supplier, and both companies are looking to other creditors to help subsidize Visteon’s operations while it is under bankruptcy protection, according to the filing, the AP said. Visteon, hurt by automakers slowing production due to steep declines in sales, sought bankruptcy protection for its U.S. units in May. The company’s UK division separately filed for bankruptcy protection in April, closing three British plants, the story said. (Associated Press/Detroit Free Press)
 
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