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VAN BUREN, Mich., May 20 (UPI) -- Ailing Michigan auto-parts maker Visteon Corp. and former parent Ford Motor Co. are near a deal to restructure the high-cost parts supplier.
With average hourly wages at $62 under a United Auto Workers contract for 17,000 of its 70,000 workers, Visteon has been worried cash flow will not cover debt payments or capital costs.
In recent days Visteon officials have agreed in principle to sell or return to Ford as many as 15 of its U.S. plants, the Wall Street Journal said Friday.
The deal will turn on cooperaton from UAW officials over wages far higher than Visteon's competitors, many of which also are covered by UAW contracts.
Ford, which is working to line up potential buyers of Visteon assets, would likely offer buyouts and early retirement packages to Visteon workers, who otherwise could claim layoff benefits or a job from Ford because they are still technically Ford employees.
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