Visteon Receives Court Approval of All First Day Motions

VAN BUREN TOWNSHIP, Mich., May 29, 2009 -- Visteon Corporation announced that the U.S. Bankruptcy Court for the District of Delaware today granted interim approval for the company to use certain cash collateral to continue operations in the ordinary course of business.

The court also granted the relief Visteon requested in a series of court filings known as "First Day Motions." The orders issued by the court allow Visteon to continue operating its business during its Chapter 11 reorganization. Among other things, the orders approve Visteon's requests to:

Continue to pay employee wages and health and welfare benefits

Pay suppliers for goods and services provided on or after the filing date of May 28

Continue certain programs to support its non-U.S. affiliates

A hearing for final approval of certain of the First Day Motions has been scheduled for June 19, 2009, at 1 p.m.

On May 28 the company announced that Visteon and certain of its U.S. subsidiaries voluntarily filed petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code. No Visteon subsidiaries or joint ventures outside the U.S. were part of the filing. Visteon's Chapter 11 case has been assigned the number 09-11786 with Judge Christopher S. Sontchi.