Visteon Corporation Files for Chapter 11 Reorganization in United States

Visteon Entities Outside U.S. are Unaffected

Continuing to Operate Throughout Reorganization Process

Improving Capital Structure to Achieve Long-Term Competitiveness

Substantial Customer Support

VAN BUREN TOWNSHIP, Mich., May 28, 2009: Visteon Corporation announced today that Visteon and certain of its U.S. subsidiaries voluntarily filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. The petitions were filed in the U.S. Bankruptcy Court for the District of Delaware. No Visteon subsidiaries or joint ventures outside the U.S. are part of the filing.

"Visteon is taking this step to maximize the long-term value of the company," said Donald J. Stebbins, chairman and chief executive officer. "During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment. The results of these actions, combined with our innovative products and excellent product quality, will allow Visteon to emerge a financially sound and well-positioned company."

Visteon expects to fund its operations with its U.S. cash balance, cash flows from operations and a debtor-in-possession facility. Ford Motor Company has executed a commitment letter to support debtor-in-possession financing for Visteon's restructuring efforts and to ensure long-term continuity of supply. Other global customers have also expressed their support.

Concurrent with its Chapter 11 filing, Visteon has filed certain customary "first day motions" with the court to ensure a smooth transition into Chapter 11. The first day motions request, among other things, the authority to continue serving customers and honoring customer programs, paying critical suppliers and honoring employee obligations.

Visteon's legal advisor is Kirkland & Ellis LLP; its restructuring advisor is Alvarez & Marsal and its financial advisor is Rothschild Inc.

More information about Visteon's reorganization is available on the company's Web site at VISTEON. For more information, customers, suppliers, employees and retirees should contact (866) 967-0260. If outside the U.S. and Canada, inquiries can be made at (310) 751-2660 or by e-mail to visteoninfo@kccllc.com.

Visteon Corporation is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Basildon, UK; the company has facilities in 27 countries and employs approximately 31,000 people.