Subprime mortgage crisis
The Subprime mortgage crisis greatly impacted the auto industry and left Visteon with little demand. During early March 2009, Visteon was delisted from the New York Stock Exchange for trading at extremely low levels. This action came after Visteon shared dropped from 7 cents, to 2 cents. On May 28, 2009, the company filed voluntary petitions to reorganize Visteon Corporation and certain of its U.S. subsidiaries under Chapter 11 of the U.S. Bankruptcy Code. The case was heard in Delaware on May 29, 2009, by Judge Christopher Sontchi, where Visteon was granted Chapter 11 protection.