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Visteon in exit financing talks, sources say
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NEW YORK (Reuters) -- Bankrupt U.S. auto parts supplier Visteon Corp. has been in talks with at least three banking groups on exit financing worth about $700 million, two people familiar with the matter said.
Morgan Stanley and BarClays Capital are each leading competing groups to provide the financing for the former parts unit of Ford Motor Co. to emerge bankruptcy more than a year after it filed for Chapter 11, the sources said.
A consortium composed of Goldman Sachs, Deutsche Bank, and Wells Fargo is also in talks with Visteon to provide financing, the sources said.
The $700 million exit financing for Visteon would be comprised of a $200 million asset-backed loan and another $500 million term loan, said the sources who asked not to be named because the discussions are private.
"The company is working to obtain exit financing to support our emergence Chapter 11," Visteon spokesman Jim Fisher told Reuters. He declined to comment further.
Barclays Capital and Deutsche Bank declined comment. Goldman Sachs, Wells Fargo and Morgan Stanley were not immediately available for comment.
Visteon, which spun off Ford in 2000, filed for Chapter 11 in May last year, one of the casualties of the global auto industry crisis that also sent General Motors and Chrysler intro bankruptcy.
Visteon ranks No. 21 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $6.42 billion in 2009.
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