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Automobile parts supplier Visteon appears to be closer than ever to exiting bankruptcy after 15 long months of proceedings, with the help of the company's one-time master. The Detroit Free Press is reporting that Ford has agreed to waive $268 million in pension and retiree claims, relieving the troubled supplier of still more debt obligations. Further, The Blue Oval will reportedly commit to another $600 million in contracts, helping the supplier exit bankruptcy with a bit more work in queue.

When Visteon finally exits Chapter 11 proceedings, it will do so with a far healthier balance sheet, production capacity that is more in line with demand and less reliance on Ford Motor Company for business. But while the new Visteon will likely be profitable, the company won't be nearly as big as Ford's one-time captive supplier arm was 10 years ago. Visteon has shuttered or sold over 50 plants in the past decade while losing over 50,000 jobs.

[Source: Detroit Free Press | Image: Bill Pugliano/Getty Images]