Visteon Ch. 11 Plan, $700M Exit Financing OK'd

Law360, New York (August 31, 2010, 4:47 PM EDT) -- A bankruptcy judge approved Visteon Corp.’s Chapter 11 reorganization plan Tuesday, along with $700 million in exit financing to fund payments outlined in the plan, setting the stage for bondholders to take control of the revived auto parts maker.

Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware overruled the objections of shareholders and Visteon retirees before signing off on a plan that includes a $1.25 billion sale of stock to bondholders.

Visteon’s major bondholders include Goldman Sachs Group Inc. and a...
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