The global auto crisis has struck yet another catastrophe – with the auto parts maker Visteon Corp resorting to the filing of Chapter 11 bankruptcy protection for its US operations on Thursday! The company, a Ford Motor Co spin-off, clarified that the bankruptcy filings have not included its non-US entities or operations.

In a filing with the U.S. Bankruptcy Court for the District of Delaware, the Van Buren, Michigan-based Visteon listed total assets of $4.58 billion and total debts of $5.32 billion.

In its filing in the US Bankruptcy Court for the District of Delaware, Visteon listed $4.58 billion in total assets and $5.32 billion in total debts, including the $862 million it owes to bondholders. The company said that Ford Motor will provide finance to help fund its bankruptcy operations.

Visteon Chairman and CEOfficer Donald J. Stebbins said that the company had sought bankruptcy protection “to maximize its long-term value.” Stebbins added: “We will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment.”

Ever since its spin off from Ford Motor in 2000, Visteon is yet to report a yearly profit; and the last quarterly profit it posted was over two years back. In February, the company said its fourth-quarter net loss had widened to $328 million or $2.53 a share.