Visteon sales fall to $516,000 in July; no loss or income reported

By Caroline Salls

Pittsburgh, Aug. 30 - Visteon Corp. reported $516,000 in net sales for July, down from $46.19 million in net sales posted for June, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Visteon reported no net income or net loss or operating income or operating loss for July. In June, the company posted a $56.56 million operating loss and a $181.28 million net loss.

The company had $144.65 million in cash and cash equivalents at July 31, the same as at the end of June.

According to the filing, Visteon, Visteon Global Technologies, Inc., Automotive Components Holdings, LLC (ACH) and Ford entered into an agreement in July to terminate master service agreements, Visteon's the Visteon Salaried Employee Lease Agreement and the Visteon Hourly Employee Lease Agreement, effective Aug. 31.

Visteon said it provided transition services to ACH under the agreements, including the supply of leased personnel, information technology and other services to enable ACH to conduct its business.

The company said the services provided under the agreements comprise the substantial majority of its current services operations.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28, 2009. Its Chapter 11 case number is 09-11786.

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