Visteon interim cash collateral access, first-day motions approved

By Caroline Salls

Pittsburgh, May 29 - Visteon Corp. received interim court approval to use cash collateral to continue operations, according to a company news release.

The final hearing is scheduled for June 19.

The company also received court approval of a variety of first-day bankruptcy motions that will allow it to continue to pay employee wages and health and welfare benefits, to pay suppliers for goods and services provided on or after the bankruptcy filing date and to continue programs to support its non-U.S. affiliates.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-11726.

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