DETROIT, Feb 3 (Reuters) - Visteon Corp drew down $30 million under its secured revolving credit facility in late January as the auto parts supplier looked to shore up cash in the face of uncertain credit markets.
Visteon, which derives a third of its sales from Ford Motor Co , said on Tuesday it has now borrowed a total of $105 million under the $350 million credit facility.
Visteon, like other suppliers in the U.S. market, has come under intense pressure from steep production cuts by major automakers and tight credit conditions.
The Wall Street Journal reported last month that Visteon had hired legal and financial advisers to prepare for possible bankruptcy proceedings. Visteon said it has been advised by Kirkland & Ellis and Rothschild since 2003.
Visteon had $1.18 billion of cash at the end of 2008 and $2.76 billion in debt.
(Reporting by Soyoung Kim) Keywords: VISTEON/ (soyoung.kim@thomsonreuters.com; Reuters Messaging: soyoung.kim.reuters.com@reuters.net; +1 313 967 1903) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Visteon, which derives a third of its sales from Ford Motor Co , said on Tuesday it has now borrowed a total of $105 million under the $350 million credit facility.
Visteon, like other suppliers in the U.S. market, has come under intense pressure from steep production cuts by major automakers and tight credit conditions.
The Wall Street Journal reported last month that Visteon had hired legal and financial advisers to prepare for possible bankruptcy proceedings. Visteon said it has been advised by Kirkland & Ellis and Rothschild since 2003.
Visteon had $1.18 billion of cash at the end of 2008 and $2.76 billion in debt.
(Reporting by Soyoung Kim) Keywords: VISTEON/ (soyoung.kim@thomsonreuters.com; Reuters Messaging: soyoung.kim.reuters.com@reuters.net; +1 313 967 1903) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.