Visteon Corp. the beleaguered auto-parts manufacturer is preparing to exit bankruptcy. They just settled a dispute with Ford which was the last it needed before it could exit bankruptcy.
Visteon will likely raise $1.25 billion of equity through a rights offering and is also looking to borrow 700 million in secured debt financing.
Share of Visteon are currently trending 9% higher on the news.
Visteon Corporation (Visteon) is a supplier of climate, interiors and electronics systems, modules and components to automotive original equipment manufacturers (OEMs) worldwide. The Company supplies a range of integrated systems, modules and components to vehicle manufacturers for use in the manufacture of new vehicles. The Company’s operations are organized in global product groups, including Climate, Electronics and Interiors. In March 2010, Autoliv Inc. acquired Visteon's radar system business. On May 28, 2009, Visteon and certain of its United States subsidiaries filed voluntary petitions for reorganization relief under chapter 11 of the United States bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
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