VAN BUREN TOWNSHIP, Mich. (WXYZ) - Visteon has made a $16 million interest payment, and dampening speculation that the company is preparing for bankruptcy.
Earlier, industry experts said they believed that Visteon Corporation may file for bankruptcy by the end of the day. Those analysts had expected the company to default on today's payment, triggering the bankruptcy filing. Visteon has been under increasing pressure from their suppliers to pay overdue bills and shorten the periods between payments.
The speculation came after Visteon's stock was delisted by the New York Stock Exchange. Shares dropped to just 2 cents on Thursday, the last day it was traded on the NYSE. The company is now trading its shares over the counter. Stocks that trade over the counter are considered more risky than stocks traded on an exchange. The trades are generally negotiated directly between brokers and dealers.
A Ford spin-off, and the world's largest independent supplier, Visteon reported a $663 million loss for 2008.
