Auto Supplier Visteon Emerges From Bankruptcy
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Auto supplier Visteon Corp. has emerged from Chapter 11 protection, trimming $2 billion in debt from its balance sheet after a more than year-long stay in bankruptcy court.
Michigan-based Visteon is a former parts unit of Ford Motor Co. that was spun off in 2000. Ford is still its largest customer.
Chairman and CEO Donald Stebbins says the reorganized company will focus on four of its strongest product lines: climate controls, electronics, interiors and lighting. Stebbins says the company has a solid presence in fast-growing markets, including Eastern Europe and Brazil.
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