Visteon seeks approval of $150 mln DIP financing
Bankruptcy
Bankrupt U.S. auto parts supplier Visteon Corp said on Wednesday it is seeking approval for up to $150 million in debtor-in-possession (DIP) financing from a group of its term-loan lenders.
Visteon said it has filed a motion with the U.S. Bankruptcy Court in Delaware for approval of the DIP facility, which would give it extra liquidity to pay for ongoing operations. The court is expected to consider the motion on Nov. 12, it said.
Visteon said under the terms of the proposed financing, it would withdraw $75 million on the closing date of the agreement and have an option to take out the rest later.
Visteon, spun off from Ford in 2000, filed for bankruptcy protection in June, one of the casualties of the global auto industry crisis.
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