Visteon Shareholders Call For Rival Ch. 11 Plan

Law360, New York (July 9, 2010, 2:47 PM EDT) -- Visteon Corp.’s equity holders are lobbying the bankruptcy court for permission to file a Chapter 11 plan to rival the “unconfirmable” reorganization proposed by the struggling auto parts maker.

On Thursday the ad hoc committee of equity holders urged Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware to terminate Visteon’s exclusivity, allowing it to submit a competing Chapter 11 plan that they say properly values the company.

Visteon is seeking a fourth extension of the exclusivity period while it solicits...
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