Visteon Exits Bankruptcy
When it filed for protection, the parts maker announced total assets amounting to $4.58 billion and a total debt of $5.32 billion. Now, with "significantly improved capital structure," it posted $2.1billion less consolidated debt.
That means that the supplier now has a $600 million consolidated debt, placing it right up the alley of Tier 1 suppliers. The company, a former Ford unit, aims to get back to profit after nine years of drought.
"Today marks a new beginning for Visteon, an opportunity to truly capitalise on the many operational and financial improvements achieved before and during the reorganisation process," said Donald Stebbins, Visteon CEO. "I am extremely grateful to our customers, suppliers, secured lenders, bondholders and many others for their support throughout this difficult process."
According to the CEO, the new company will focus on four product lines, climate, electronics, interiors and lighting. Some of those technologies (40 climate and interior systems products) were previewed at the 2010 Paris Auto Show last week on the C-Beyond show car.
"We have an outstanding global manufacturing and engineering footprint, with particular strength in the fast-growing markets in Asia, Eastern Europe and Brazil,” the Visteon executive continued.
“We have an experienced and talented employee base, complemented by strong joint venture partners and strategic alliances that provide a competitive advantage in the key automotive markets of the world."