DETROIT, May 11 (Reuters) - Auto parts maker Visteon Corp said in a regulatory filing on Monday that it is in discussions with lenders to restructure its debt and could be forced to file for bankruptcy protection if those efforts fail.
Visteon is also in talks with some of its major customers to address liquidity and capital requirements, the company said in a quarterly filing with the U.S. Securities and Exchange Commission.
'Visteon's ability to continue operating as a going concern is, among other things, dependent on the success of discussions with the lenders,' the company said in the filing.
Separately, the parts maker said that bankrupt automaker Chrysler LLC owes it about $26 million as of April 30, 2009.
Visteon, whose shares were trading at 34.5 cents, has been among suppliers considered at risk of bankruptcy by industry and debt analysts.
The parts maker, spun off by Ford Motor Co in 2000, said in March that auditors had raised significant doubt about its ability to continue as a business. Ford is still Visteon's biggest customer, accounting for about 31 percent of its $1.35 billion of sales last quarter.
Visteon posted a net income of $2 million in first quarter of 2009 after posting net losses totaling more than $3 billion over the past five years.
Visteon said it remains in compliance with the temporary waivers provided by its secured lenders, the earliest of which expires on May 30.
(Reporting by Poornima Gupta) Keywords: VISTEON/ (poornima.gupta@reuters.com; 313-967-1901; Reuters Messaging: poornima.gupta.reuters.com@reuters.net) 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 is also in talks with some of its major customers to address liquidity and capital requirements, the company said in a quarterly filing with the U.S. Securities and Exchange Commission.
'Visteon's ability to continue operating as a going concern is, among other things, dependent on the success of discussions with the lenders,' the company said in the filing.
Separately, the parts maker said that bankrupt automaker Chrysler LLC owes it about $26 million as of April 30, 2009.
Visteon, whose shares were trading at 34.5 cents, has been among suppliers considered at risk of bankruptcy by industry and debt analysts.
The parts maker, spun off by Ford Motor Co in 2000, said in March that auditors had raised significant doubt about its ability to continue as a business. Ford is still Visteon's biggest customer, accounting for about 31 percent of its $1.35 billion of sales last quarter.
Visteon posted a net income of $2 million in first quarter of 2009 after posting net losses totaling more than $3 billion over the past five years.
Visteon said it remains in compliance with the temporary waivers provided by its secured lenders, the earliest of which expires on May 30.
(Reporting by Poornima Gupta) Keywords: VISTEON/ (poornima.gupta@reuters.com; 313-967-1901; Reuters Messaging: poornima.gupta.reuters.com@reuters.net) 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.