When is a profit not a profit? When it's the result of bankruptcy prevention measures, like Visteon's report of a $2 million profit during the first quarter of 2009. The auto supplier is reporting that each share earned two cents during the period, compared to a $105 million loss last year. The company's books saw a gain after sending its British operations into Chapter 11, an occurrence that will not be repeated. The one-time nature of the accounting measures doesn't bode well for the next thre
- Jeremy Korzeniewski
- Mar 13, 2009
Somehow, against all odds and analyst projections, auto parts supplier Visteon managed to make a $16 million interest payment on $450 million in bonds that mature in 2014. Just last week, Visteon shares hit 2 cents, forcing the New York Stock Exchange to delist the company. If the ailing supplier had failed to make the payment, it would have surely sent it spiraling into bankruptcy.
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