Ford, GM, Creditors Blast $80M Visteon Bonuses

Law360, New York (July 13, 2009, 12:00 AM EDT) -- Visteon Corp.'s unsecured creditors and its proposed debtor-in-possession lenders, including former parent Ford Motor Co., have objected to the bankrupt auto parts maker's plan to pay up to about $80.1 million in bonuses, calling the payout excessive.

In an objection filed Monday in the U.S. Bankruptcy Court for the District of Delaware, the official committee of Visteon's unsecured creditors said that the bonus plan, which includes up to $30.1 million for key employees, was “overly generous” to at least some senior employees.

The committee said that...
To view the full article, register now.