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British unit of Visteon files for bankruptcy
Struggling auto parts manufacturer Visteon UK Ltd. filed for bankruptcy protection Tuesday, leading to a sit-in by workers at a plant in Northern Ireland that has been slated for closure.
The Visteon Corp. subsidiary has not made a profit since it was spun off from the Ford Motor Co. in 2000, racking up 669 million pounds ($959 million) in losses since then despite several attempts to restructure the business.
KPMG, which was appointed as administrator of the company under the bankruptcy process, said the unit has been dependent on its U.S. parent for cash and now owes Visteon Corp. more than 400 million pounds.
KPMG said nearly all of Visteon U.K.'s 610 employees would be dismissed and the company's plants in the English towns of Basildon and Enfield would be closed along with the factory in Belfast, Northern Ireland.
Dozens of staff at that plant are refusing to leave the parking lot and are calling for guarantees given by main customer and former owner Ford - which they say committed to no compulsory layoffs - to be honored.
The group vowed to remain until Visteon officials offered them better layoff packages.
No other unit of Visteon Corp., which makes car interiors and other components, was filing for bankruptcy, the company said. The Michigan-based firm employs about 33,500 people globally.
Visteon's move follows a fourth-quarter loss of $328 million, or $2.53 per share - nearly eight times the loss in the year-earlier period.
On March 6, trading in the shares was suspended. The stock closed at 7 cents on March 3, giving the company a market capitalization of $9.1 million.
Ten days later Visteon said it would not be able to file its annual report on time because of the uncertainty about its ability to keep operating in tough industry and economic conditions.
The company said it expects an upcoming report by its accountants to indicate significant doubt about the company's ability continue as a "going concern."
That could trigger a default under the supplier's main U.S. senior secured credit facilities, allowing lenders to demand that those debts be immediately paid.
Visteon also said it is in discussions with its lenders to get a waiver or change the terms of its debt agreements so that it won't face such demands.
The Visteon Corp. subsidiary has not made a profit since it was spun off from the Ford Motor Co. in 2000, racking up 669 million pounds ($959 million) in losses since then despite several attempts to restructure the business.
KPMG, which was appointed as administrator of the company under the bankruptcy process, said the unit has been dependent on its U.S. parent for cash and now owes Visteon Corp. more than 400 million pounds.
KPMG said nearly all of Visteon U.K.'s 610 employees would be dismissed and the company's plants in the English towns of Basildon and Enfield would be closed along with the factory in Belfast, Northern Ireland.
Dozens of staff at that plant are refusing to leave the parking lot and are calling for guarantees given by main customer and former owner Ford - which they say committed to no compulsory layoffs - to be honored.
The group vowed to remain until Visteon officials offered them better layoff packages.
No other unit of Visteon Corp., which makes car interiors and other components, was filing for bankruptcy, the company said. The Michigan-based firm employs about 33,500 people globally.
Visteon's move follows a fourth-quarter loss of $328 million, or $2.53 per share - nearly eight times the loss in the year-earlier period.
On March 6, trading in the shares was suspended. The stock closed at 7 cents on March 3, giving the company a market capitalization of $9.1 million.
Ten days later Visteon said it would not be able to file its annual report on time because of the uncertainty about its ability to keep operating in tough industry and economic conditions.
The company said it expects an upcoming report by its accountants to indicate significant doubt about the company's ability continue as a "going concern."
That could trigger a default under the supplier's main U.S. senior secured credit facilities, allowing lenders to demand that those debts be immediately paid.
Visteon also said it is in discussions with its lenders to get a waiver or change the terms of its debt agreements so that it won't face such demands.
