VAN BUREN TOWNSHIP, Mich. — Visteon has officially completed its reorganization and emerged from the U.S. Chapter 11 process. With a significantly improved capital structure, the company says it is now well-positioned for profitable and sustainable growth.

Visteon completed all conditions of its plan of reorganization, which was confirmed by the U.S. Bankruptcy Court on Aug. 31 after approval by all creditor and shareholder classes. Visteon emerged with a stronger balance sheet and about $2.1 billion less consolidated debt than when the company voluntarily filed for Chapter 11 on May 28, 2009.

"Today marks a new beginning for Visteon, an opportunity to truly capitalize on the many operational and financial improvements achieved before and during the reorganization process," said Donald Stebbins, who continues as chairman, CEO and president. "I thank our employees who worked tirelessly throughout our reorganization. Additionally, I am extremely grateful to our customers, suppliers, secured lenders, bondholders and many others for their support throughout this difficult process."

Visteon said it improved its capital and cost structure significantly during the Chapter 11 process, reducing consolidated debt from approximately $2.7 billion at the time of the filing to about $600 million today − a level that the company say will allow it to be very competitive in the Tier 1 automotive supplier industry.

"The new Visteon is focused on four strong product lines − climate, electronics, interiors and lighting," Stebbins said. "We have an outstanding global manufacturing and engineering footprint, with particular strength in the fast-growing markets in Asia, Eastern Europe and Brazil. We have an experienced and talented employee base, complemented by strong joint venture partners and strategic alliances that provide a competitive advantage in the key automotive markets of the world."

Learn more about the new Visteon here.