The American operation of Visteon Corporation has filed for Chapter 11 bankruptcy (reorganization). At one time, Visteon was part of the Ford Motor Company, but spun off in 2000 and eventually began working with other automakers including GM, Nissan, Hyundai, and Toyota in addition to maintaining its business relationship with Ford.
Visteon is a large parts supplier to the auto industry supplying car companies with a wide variety of products including lighting, interiors, power train controls, electronics, and engine induction. If Visteon were to file for liquidation instead of reorganization, its loss would severely impact the operations of several automakers but especially Ford. According to a Visteon press release, none of the company’s joint ventures or subsidiaries outside the US are included with the filing.
Tags: auto parts, Bankruptcy, car parts, Chapter 11, visteon