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Thu May 28, 2009
Visteon files for Chapter 11 bankruptcy protection
VAN BUREN TOWNSHIP, MI – VAN BUREN TOWNSHIP, MI (AP) - Auto parts supplier Visteon says it -- along with some of its U.S. units -- has filed for Chapter 11 bankruptcy protection.
This comes as the company struggles with reduced demand from automakers amid plans for extended plant shutdowns this summer.
The company filed its petition in the U.S. Bankruptcy Court for the District of Delaware. The company's Visteon UK unit separately filed for bankruptcy protection last month and closed three British plants.
The Van Buren Township, Mich.-based auto parts supplier earlier this month posted a sharp drop in first-quarter revenue as automakers cut back on their output in the face of dwindling car sales.