Ford To Provide $125m To Visteon For Restructuring
Ford Motors has agreed to provide $125 million or more in debtor-in-possession (DIP) financing to Visteon Corp., to support its restructuring under Chapter 11 bankruptcy protection.
The automotive parts supplier Visteon, which filed for bankruptcy protection on May 28, said in a Securities and Exchange Commission filing that its former parent company would provide DIP financing and also take assignment of its asset-backed loans under a revolving credit facility. Visteon was spun off from Ford in 2000.
Ford's commitment expires on June 30. The finalized bankruptcy financing facility must be in place before that time. Visteon is also trying to raise additional funding from its customer base.
Ford, Visteon's biggest customer, has already provided $163 million to Visteon, when it took over some of the company's asset-backed loans last month.
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