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Visteon delays 10K, expects 'going concern' notice
Posted: 03.16.2009 at 4:28 PM
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NEW YORK (AP) -- Auto supplier Visteon says it will not be able to file its annual report on time because of the uncertainty surrounding its ability to keep operating in tough industry and economic conditions.
Visteon Corp. said in a regulatory filing Monday that it expects its accountants to indicate significant doubt about the company's ability continue as a "going concern."
That could trigger a default under some of the Van Buren, Mich.-based supplier's debt agreements.
Visteon says it's in discussions with its lenders to get a waiver or change the terms so the company won't face immediate demands for repayment.
Visteon also says it's also considering possible additional restructuring actions.
(Copyright ©2009 by The Associated Press. All Rights Reserved.)