Auto parts makers Visteon Corp
Both Visteon, which Ford Motor Co
The announcements came as automaker General Motors Corp
In a filing with the U.S. Bankruptcy Court for the District of Delaware, Visteon listed total assets of $4.58 billion and total debts of $5.32 billion.
Visteon's unsecured creditors include a unit of Bank of New York Mellon Corp
Visteon said it filed certain customary first day motions with the court to ensure a smooth transition into Chapter 11.
During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment, Visteon Chief Executive Donald Stebbins said in a statement.
Visteon said it would continue its operations throughout the reorganization process.
FORD COMMITS TO DIP FINANCING
Visteon said the Ford had made a commitment to support debtor-in-possession (DIP) financing for the restructuring efforts and to ensure long-term continuity of supply.
Ford is still Visteon's biggest customer and accounted for about 31 percent of its $1.35 billion of sales last quarter.
Earlier this month, Ford assumed a $163 million secured revolving credit facility from Visteon's lenders.
The health of the U.S. auto parts supply base has been a priority for Ford with Chrysler in bankruptcy and General Motors close to a government-imposed deadline to restructure or follow Chrysler down that road.
RHJ, CARLYLE TO BUY METALDYNE ASSETS
Plymouth, Michigan-based Metaldyne, a supplier of metal-based auto components which filed for Chapter 11 late on Wednesday, said it would sell a majority of its assets as going concerns under a court supervised process.
RHJ International SA
Metaldyne said Asahi Tec will not continue its economic support for the company.
RHJ said it would buy a majority of Metaldyne's assets under the court-supervised sale. Carlyle has proposed a purchase of certain of Metaldyne's Chassis business assets in the United States, Mexico and Spain, Metaldyne said.
(Editing by Erica Billingham)