Visteon granted approval for $150 million in DIP financing by court

By Lisa Kerner

Charlotte, N.C., Nov. 12 - Visteon Corp. received approval for up to $150 million in debtor-in-possession financing from the U.S. Bankruptcy Court for the District of Delaware on Thursday, according to an attorney close to the case.

The financing will give Visteon additional liquidity to fund ongoing operations as it moves forward with its Chapter 11 reorganization, the company said previously.

As previously reported, interest on the financing will be Libor plus 650 basis points with a 3% Libor floor.

The facility will mature on the earliest of May 2010, the effective date of Visteon's plan of reorganization or upon the sale of substantially all of the company's assets.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28. Its Chapter 11 case number is 09-11786.

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