Visteon Corp.’s plunge into Chapter 11 was unavoidable, spurred by crippling production cuts by its customers and a dearth of “critical” financing, according to filings with Bankruptcy Court in Delaware. The supplier filed for Chapter 11 protection today, claiming debts of $5.3 billion against $4.6 billion in assets. “Visteon’s insolvency cannot be fixed outside of Chapter 11,” Chief Financial Officer and Executive Vice President William G. Quigley says in a first-day pleading. “Faced ...
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