Visteon Receives Continued Listing Standards Notice From NYSE
November 20 2008 - 4:30PM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Nov. 20, 2008 /PRNewswire-FirstCall/ --
Visteon Corporation (NYSE:VC) announced today that on Nov. 14,
2008, Visteon received notification from the New York Stock
Exchange (the "NYSE") that the company had fallen below its
continued listing standard, which requires a minimum average
closing price of $1.00 per share over 30 consecutive trading days.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
Visteon plans to notify the NYSE that it intends to cure the
deficiency. The company has a period of six months to bring its
average share price back above $1.00. Under NYSE rules, Visteon's
common stock will continue to be listed on the NYSE during the cure
period, subject to the company's compliance with other NYSE
continued listing requirements. Visteon's business operations,
Securities and Exchange Commission reporting requirements, credit
agreements and other debt obligations are not otherwise affected by
this notification. Visteon is a leading 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 Kerpen, Germany; the
company has facilities in 27 countries and employs approximately
35,500 people. Forward-looking Information This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward- looking
statements are not guarantees of future results and conditions but
rather are subject to various factors, risks and uncertainties that
could cause our actual results to differ materially from those
expressed in these forward-looking statements, including general
economic conditions, changes in interest rates and fuel prices; the
automotive vehicle production volumes and schedules of our
customers; work stoppages at our customers; our ability to satisfy
our future capital and liquidity requirements and comply with the
terms of our existing credit agreements and indentures; the
financial distress of our suppliers, or other significant suppliers
to our customers, and possible disruptions in the supply of
commodities to us or our customers due to financial distress or
work stoppages; our ability to timely implement, and realize the
anticipated benefits of restructuring and other cost-reduction
initiatives, including our multi-year improvement plan, and our
successful execution of internal performance plans and other
productivity efforts; the timing and expenses related to
restructurings, employee reductions, acquisitions or dispositions;
increases in raw material and energy costs and our ability to
offset or recover these costs; the financial condition of our
customers and the effects of reorganization, consolidation and/or
restructuring plans that may be announced by our customers; the
effect of pension and other post-employment benefit obligations;
increases in our warranty, product liability and recall costs; the
outcome of legal or regulatory proceedings to which we are or may
become a party; our ability to meet the continued listing standards
of the New York Stock Exchange; as well as those factors identified
in our filings with the SEC (including our Annual Report on Form
10-K for the fiscal year ended Dec. 31, 2007). We assume no
obligation to update these forward-looking statements. Visteon news
releases, photographs and product specification details are
available at http://www.visteon.com/
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO DATASOURCE:
Visteon Corporation CONTACT: Media: Jim Fisher, +1-734-710-5557, ;
or Investors: Steven Ward, +1-734-710-5800, , both of Visteon
Corporation Web site: http://www.visteon.com/
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