Visteon attorney says company making good progress on bankruptcy financing

Attorney says Visteon making progress on financing

WILMINGTON, Del. — Auto-parts supplier Visteon Corp. says it is making good progress in obtaining the financing needed to see it through Chapter 11 bankruptcy.

An attorney for Visteon said Friday that the Van Buren Township, Mich., company has made “very substantial” progress with its North American customers regarding help with debtor-in-possession financing.

Visteon is the top supplier to and a former subsidiary of Ford Motor Co.

According to a federal regulatory filing by Visteon, Ford already has pledged to provide at least $125 million in bankruptcy financing.

Visteon attorney Marc Kieselstein told a bankruptcy judge in Delaware Friday that the company expects to obtain a total of about $500 million in financing for the balance of this year.