Lear warns it may not meet 'going concern' requirements

Another supplier, Visteon Corp., Ford Motor Co.'s former parts unit, said Wednesday it was in danger of breaching its loan covenants. KDP auto analyst Kip Penniman said in a report that Visteon might not make a March 10 interest payment on its debt, which could force the company into bankruptcy protection by early April.

The announcement came as auto suppliers plead the case for emergency aid in Washington. On Feb. 13, the Motor Equipment & Manufacturers Association sought at least $18.5 billion in emergency loans from the Treasury Department.

The Obama auto team met with MEMA on Monday as well as Detroit's Big Three supply chiefs. The head of the Treasury auto effort, Steve Rattner, and Ron Bloom, special advisory to Treasury on autos, met with both the CEOs of General Motors Corp. and Chrysler LLC this week, along with the United Auto Workers. The two are meeting with top officials from Ford Motor Co. today.

Ann Wilson, a spokeswoman for MEMA, said talks with Treasury are continuing on their request, but she declined to discuss details.

Suppliers face a difficult month in March, as they will see little revenue from Detroit's Big Three for parts used in January. MEMA predicts suppliers will see just $2.4 billion in revenue in March from the three domestic automakers, down from an average of $8.4 billion in the last three months of 2008.