Temporary waiver for Visteon

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Auto parts maker Visteon Corp has been granted temporary waivers on credit facilities after auditors raised significant doubt about its ability to continue as a business.   Visteon, spun off by Ford Motor Co in 2000, said in a filing with the US Securities and Exchange Commission that "substantial doubt exists as to its ability to meet its obligations as they come due through the normal course of business during 2009."   Visteon said it was in discussions with customers to address liquidity needs and with lenders over a restructuring of its capital structure.   Visteon has agreed to provide access to management as well as some analysis and reports to an ad hoc committee representing lenders under its secured term loan. It also must maintain certain cash balances for the waiver to last to May 30.   The parts maker and its North American and European subsidiaries are required to maintain a consolidated cash balance of at least $335.1 million. For North America the balance must be at least $193.5 million.   On Tuesday this week, Visteon UK Ltd, a wholly owned subsidiary with three plants in the United Kingdom making ┬áinterior, climate and powertrain components, filed for administration due to operating losses and mounting labor costs. ┬áThe administrator, KPMG, immediately ceased production.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *