Other News Releases in Automotive
T-REX Takes Detour into World of Street Magic
Veridiam Wins Workplace Excellence Crystal Award in Mid-Size Company Category
TRW Completes $259 Million 3.50% Exchangeable Senior Notes Offering Including Full Exercise of Underwriters' Over-Allotment Option
Other News Releases in Bankruptcy
Axiant to be Purchased by NCO Group
Taylor-Wharton International, LLC Receives Approval of 'First Day' Motions
Peoples Bancorp Inc. Declares Fourth Quarter 2009 Dividend
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
See more news releases in: Automotive, OTC, SmallCap, Bankruptcy, Financing Agreements, Restructuring & Recapitalization
Visteon Seeks Court Approval of Up To $150 Million in Debtor-in-Possession Financing to Further Enhance Liquidity
VAN BUREN TOWNSHIP, Mich., Oct. 28, 2009 /PRNewswire-FirstCall/ -- Visteon Corporation (OTC: VSTN) has filed a motion with the U.S. Bankruptcy Court in Delaware seeking approval of up to $150 million in debtor-in-possession (DIP) financing from a consortium of its term loan lenders. The DIP facility will provide Visteon with additional liquidity to fund ongoing operations as it progresses with its Chapter 11 reorganization process in the U.S. The court is expected to consider the motion Nov. 12.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO)
Under terms of the proposed facility, Visteon will draw $75 million on the closing date of the agreement, with an option to draw the balance at a later date.
Visteon Corporation is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 26 countries and employs approximately 30,000 people.
SOURCE Visteon Corporation