Visteon Obtains Waivers Under Principal Secured Credit Facilities; Engaged in Active Discussions With Customers

VAN BUREN TOWNSHIP, Mich., March 31, 2009 /PRNewswire-FirstCall/ -- Visteon Corporation announced that it has reached agreements with its lenders for temporary waivers and amendments to its primary secured credit facilities while continuing to address its capital structure. The company also said it is engaged in discussions with customers to address its liquidity and capital requirements.

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The agreements with Visteon's lenders provide for temporary waivers of the company's default under its primary credit facilities. Visteon remains in active discussions with its lenders regarding the restructuring of the company's capital structure.

Additionally, Visteon is continuing discussions with its customers including Chrysler, Ford, GM, Honda, Hyundai, Nissan, PSA and Renault, regarding support and cooperation to assist the company in managing through the current environment. However, there can be no assurance that agreements regarding any such restructuring will be obtained.

"Visteon remains focused on driving improvement throughout our operations despite the turbulent production environment," said Chairman and CEO Donald J. Stebbins. "We appreciate the involvement and support of our lenders and customers in that effort, along with the ongoing commitment of our global suppliers and employees."

Visteon Corporation is a leading 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 Basildon, UK; the company has facilities in 27 countries and employs approximately 33,500 people.

Forward-looking Information

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including general economic conditions, changes in interest rates and fuel prices; the automotive vehicle production volumes and schedules of our customers, and in particular Ford's vehicle production volumes; work stoppages at our customers; our ability to satisfy our future capital and liquidity requirements and comply with the terms of our existing credit agreements and indentures; our ability to restructure our capital structure, which will depend on, among other things, the outcome of negotiations with customers and lenders; the financial distress of our suppliers, or other significant suppliers to our customers, and possible disruptions in the supply of commodities to us or our customers due to financial distress or work stoppages; our ability to timely implement, and realize the anticipated benefits of restructuring and other cost-reduction initiatives, including our multi-year improvement plan, and our successful execution of internal performance plans and other productivity efforts; the timing and expenses related to restructurings, employee reductions, acquisitions or dispositions; increases in raw material and energy costs and our ability to offset or recover these costs; the financial condition of our customers and the effects of reorganization, consolidation and/or restructuring plans that may be announced by our customers; the effect of pension and other post-employment benefit obligations; increases in our warranty, product liability and recall costs; the outcome of legal or regulatory proceedings to which we are or may become a party; the possibility that Visteon and any of its subsidiaries may need to seek protection under the U.S. Bankruptcy Code or similar laws in other jurisdictions; as well as those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2008). We assume no obligation to update these forward-looking statements.

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Visteon Corporation

CONTACT: Media: Jim Fisher, [phone], [e-mail],
Investors: Steve Ward, [phone] [e-mail]

Web Site: http://www.visteon.com/