Hedge Funds Aim To Block Visteon Ch. 11 Plan

By Evan Weinberger

Law360, New York (March 16, 2010, 4:23 PM ET) -- A group of hedge funds holding about 7.3 percent of Visteon Corp. stock on Tuesday said it would oppose the bankrupt auto parts maker's amended reorganization plan because it does not address the funds' concerns about recoveries for stockholders.

Visteon filed its amended Chapter 11 plan and disclosure statement Monday in the U.S. Bankruptcy Court for the District of Delaware. The revised plan allows lenders to recover an approximately $1.6 million term loan and noteholders to reclaim around $1 billion. It also allows for nearly $24...
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