Visteon Reorganization Plan OK'd For Shareholder Vote

Law360, New York (June 25, 2010, 4:39 PM EDT) -- A bankruptcy judge has given the go-ahead for bankrupt auto parts maker Visteon Corp. to send its Chapter 11 reorganization plan to shareholders for a vote.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware on Friday approved the plan for a vote and set a confirmation hearing for Sept. 28, a spokesperson for the Van Buren Township, Mich.-based company confirmed Friday afternoon.

Visteon's plan offers two potential paths to recovery, with the first requiring bondholders to raise $1.25 billion through...
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