DETROIT -- Visteon Corp. said today that its common stock will begin trading Monday on the New York Stock Exchange under the symbol VC.
The supplier of climate, interior, electronic and lighting systems will offer about 50 million shares on the NYSE, said Jim Fisher, Visteon’s director of corporate communications. Shares are currently trading over-the-counter at $72.15.
“Our listing on the world's most prominent stock exchange is a significant milestone for Visteon,” CEO Donald Stebbins said in a statement. “With our strong customer relationships, competitive cost structure, diverse product offering and global footprint, Visteon is well-positioned to deliver long-term shareholder value.”
Visteon emerged from Chapter 11 bankruptcy on Oct. 1 after a 16-month reorganization, during which the company restructured its capital structure and shed more than $2 billion in debt.
Visteon was spun off from Ford Motor Co. in 2000 and struggled for several years before filing for bankruptcy protection in May 2009.
Bondholders -- including Goldman Sachs Group Inc. and hedge funds Oak Hills Advisors and Silver Point Capital -- bought control of the reorganized Visteon for $1.3 billion to allow the supplier to emerge from bankruptcy.
Visteon ranks No. 21 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $6.42 billion in 2009.