Visteon Corporation 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 said.
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It added it was in discussions with customers to address its liquidity and capital requirements.
The agreements with lenders provide for temporary waivers of the supplier’s default under its primary credit facilities. It is talking with lenders regarding restructuring its capital structure.
Visteon is talking 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 Visteon chairman and CEO Donald 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.”
