Visteon Bankruptcy Latest News

Today we have the latest news about the Visteon Corp bankruptcy and how they are the latest casualties in the auto industry crisis, which includes the reorganization of General Motors.

During a hearing in the U.S. Bankruptcy Court of Delaware on Friday, Visteon Corp received interim court approval to pay vendors, parts suppliers, and employees.

As the former parts unit of Ford Motor Co, Visteon’s relationship with its customers and vendors is complicated at best. It’s important that Visteon be able to pay critical suppliers and operate in bankruptcy.

The court approved $43.5 million in cash that Visteon can use to pay vendors, shippers, for warranty guarantees and parts. The cash-strapped automakers have had a knock-on effect with Visteon’s bankruptcy being the result.

Visteon has another hearing on June 19, which will be for final approval. You can read the full details on Reuters.