Visteon Corp. said Tuesday its auditors have "substantial doubt" about the company's ability to stay in business, even as the automotive supplier won temporary waivers on its debt agreements.

In a regulatory filing, the Van Buren Township, Mich.-based company said a bankruptcy filing is possible, if it is unable to meet its financial obligations. The company is struggling due to low auto sales and curtailed production levels at automakers.

The news comes the same day Visteon's U.K. subsidiary filed for bankruptcy protection.

Visteon did receive temporary waivers on its debt agreements Tuesday, which prevent the company from going into default for a limited period of time. But the company continues to explore various strategic and financial alternatives with the help of its advisers and said that if it can't negotiate a restructuring with its lenders and customers or make debt waivers permanent, it may seek to reorganize under Chapter 11 bankruptcy protection.

Visteon's U.K. subsidiary has not turned a profit since the entire company was spun off from Ford Motor Co. in 2000, and has racked up $959 million in losses since then.

KPMG, which was appointed as administrator of the company under the U.K. bankruptcy process, said nearly all of Visteon U.K.'s 610 employees would be dismissed and the company would close its three plants in the region. That news led to a sit-in by workers at the Belfast, Northern Ireland plant.

Globally, the company has 33,500 workers.

Visteon reported a fourth-quarter loss of $328 million, or $2.53 per share - nearly eight times its loss in the year-earlier period. On March 6, trading in the shares was suspended because it traded for pennies. On Monday it was removed from the New York Stock Exchange.