Visteon Corp. on Monday said its plan to sell unprofitable North American factories to Ford is on track and it expects the transaction to close by September 30, Reuters reported.
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Visteon reportedly said it sees a non-cash charge of $US1.1 billion in its second quarter because of the need to impair assets both in North America and Europe, but it expects to recognise a significant gain from completing the Ford transaction “well in excess” of the charge.
It also said it has not yet filed its 10-Q form with federal regulators for the first quarter and does not expect to make its second-quarter filing before the August 9 deadline, the report added.
According to Reuters, Visteon is not yet able to determine whether it needs to restate prior period results or make further adjustments to first-quarter results.
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