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No bailout for Visteon, Ford execs say
'We're not contemplating dramatic action,' Booth said. 'Like all of our suppliers, we talk to them and when they have problems we try to work with them.'
Ford officials said the decision not to aid Visteon is not driven by a need to conserve cash but reflects the fact that the two companies are not as closely tied. Ford is now using other suppliers to provide many of the parts it used to get from Visteon.
Ford gave the proper public response but remains reliant on Visteon for parts and would have to help in some way if the automaker feared disruption of its flow of parts, said John Henke, president of Planning Perspectives Inc., a consulting firm in Birmingham.
The question about bailing out Visteon surfaced because of speculation the supplier is on the cusp of filing for bankruptcy. Analysts have predicted that the filing could come within weeks.
Visteon spokesman Jim Fisher declined to comment on bankruptcy speculation.
Fisher, however, confirmed that Visteon has had ongoing relationships with two bankruptcy advisers, the firms of Kirkland & Ellis and Rothschild, since 2003. He would not say if there had been any new developments.
An update on the supplier's finances will be given Feb. 25 when Visteon releases its fourth-quarter and full-year 2008 earnings, Fisher said.
Preliminary results released Jan. 13 show Visteon ended 2008 with $1.18 billion in cash, including $75 million drawn from its main U.S. credit line. That is less than the supplier's year-end debt balances of about $2.76 billion.
Ford helped the ailing supplier in 2005 by taking back some plants and workers. Visteon has essentially been restructuring ever since.
In October, Visteon announced plans to reduce its global salaried headcount by another 800 by the end of the March.
In January, the parts maker put 2,000 Michigan employees on a four-day work week to cut costs. A five-day week will resume Feb. 1, but higher-paid employees will continue to take a pay cut.
Ford still accounted for 35 percent of Visteon's global business at the end of the third quarter, Fisher said. Of that amount, 11 percent is with Ford in North America.
When Visteon became independent in 2000, Ford represented 85 percent of its total business.
'Visteon and Ford are clearly in a different place,' said Ford CEO Alan Mulally.
Ford officials said the decision not to aid Visteon is not driven by a need to conserve cash but reflects the fact that the two companies are not as closely tied. Ford is now using other suppliers to provide many of the parts it used to get from Visteon.
Ford gave the proper public response but remains reliant on Visteon for parts and would have to help in some way if the automaker feared disruption of its flow of parts, said John Henke, president of Planning Perspectives Inc., a consulting firm in Birmingham.
The question about bailing out Visteon surfaced because of speculation the supplier is on the cusp of filing for bankruptcy. Analysts have predicted that the filing could come within weeks.
Visteon spokesman Jim Fisher declined to comment on bankruptcy speculation.
Fisher, however, confirmed that Visteon has had ongoing relationships with two bankruptcy advisers, the firms of Kirkland & Ellis and Rothschild, since 2003. He would not say if there had been any new developments.
An update on the supplier's finances will be given Feb. 25 when Visteon releases its fourth-quarter and full-year 2008 earnings, Fisher said.
Preliminary results released Jan. 13 show Visteon ended 2008 with $1.18 billion in cash, including $75 million drawn from its main U.S. credit line. That is less than the supplier's year-end debt balances of about $2.76 billion.
Ford helped the ailing supplier in 2005 by taking back some plants and workers. Visteon has essentially been restructuring ever since.
In October, Visteon announced plans to reduce its global salaried headcount by another 800 by the end of the March.
In January, the parts maker put 2,000 Michigan employees on a four-day work week to cut costs. A five-day week will resume Feb. 1, but higher-paid employees will continue to take a pay cut.
Ford still accounted for 35 percent of Visteon's global business at the end of the third quarter, Fisher said. Of that amount, 11 percent is with Ford in North America.
When Visteon became independent in 2000, Ford represented 85 percent of its total business.
'Visteon and Ford are clearly in a different place,' said Ford CEO Alan Mulally.
