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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (5467)	5/12/2009 9:11:46 AM
From: RockyBalboa	Respond to of 6370

On HAYZ, Visteon can be shorted as well. Not very margin efficient but could still lose 70% on filing. Visteon warned that it has to file. the real interesting thing is that in a bad market, axl could also file... >>>> Visteon says may have to seek bankruptcy protection DETROIT, May 11 (Reuters) - Auto parts maker Visteon Corp said in a regulatory filing on Monday that it is in discussions with lenders to restructure its debt and could be forced to file for bankruptcy protection if those efforts fail. Visteon is also in talks with some of its major customers to address liquidity and capital requirements, the company said in a quarterly filing with the U.S. Securities and Exchange Commission. "Visteon's ability to continue operating as a going concern is, among other things, dependent on the success of discussions with the lenders," the company said in the filing. Separately, the parts maker said that bankrupt automaker Chrysler LLC owes it about $26 million as of April 30, 2009. Visteon, whose shares were trading at 34.5 cents, has been among suppliers considered at risk of bankruptcy by industry and debt analysts. The parts maker, spun off by Ford Motor Co in 2000, said in March that auditors had raised significant doubt about its ability to continue as a business. Ford is still Visteon's biggest customer, accounting for about 31 percent of its $1.35 billion of sales last quarter. Visteon posted a net income of $2 million in first quarter of 2009 after posting net losses totaling more than $3 billion over the past five years. Visteon said it remains in compliance with the temporary waivers provided by its secured lenders, the earliest of which expires on May 30. (Reporting by Poornima Gupta) ((poornima.gupta@reuters.com; 313-967-1901; Reuters Messaging: poornima.gupta.reuters.com@reuters.net)) Keywords: VISTEON/