Visteon's Bid For $8.1M Top Officer Bonuses Rejected

Law360, New York (October 8, 2009, 3:42 PM EDT) -- A bankruptcy judge has reportedly rejected auto parts supplier Visteon Corp.'s request to approve bonuses of as much as $8.1 million for its 12 top officers, but the company did get the go-ahead to give $3.3 million in long-term incentives to 83 other managers and to enter a $30.6 million accommodation agreement with General Motors Corp.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware on Wednesday, the judge agreed with labor unions and a U.S. trustee that Visteon's proposed “key employee...
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