Visteon Creditors Try To Bat Down Equity Committee

Law360, New York (April 26, 2010, 6:01 PM EDT) -- Visteon Corp.'s unsecured creditors are seeking to block the formation of an official committee of equity security holders, calling it unnecessary and costly.

The official committee of unsecured creditors filed an objection to a shareholder motion in the U.S. Bankruptcy Court for the District of Delaware on Friday, saying the three ad hoc equity groups that are currently active are sufficient to represent the equity holders' interests.

The unsecured creditors characterized the formation of an official equity holders committee as “an extraordinary remedy” that should only...
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