WILMINGTON, Del. (AP) -- An attorney for Visteon Corp. says the auto parts supplier is nearing completion of a Chapter 11 financing plan.
James Mazza Jr. told a Delaware judge Wednesday that the company expects to present a debtor-in-possession financing plan in advance of a July 16 hearing.
Michigan-based Visteon, the top supplier to Ford Motor Co., has been working with customers for several weeks on the financing plan. Ford already has pledged at least $125 million.
In other developments, Visteon withdrew a request for a temporary restraining order against Jabil Circuit Inc., a Florida-based supplier it accused of refusing to turn over tooling Visteon needs to manufacture parts. Mazza says the two companies are in negotiations and have avoided the potential supply disruption that Visteon feared.