Michigan Rails Against Visteon's Plan

Law360, New York (July 15, 2010, 2:17 PM EDT) -- Michigan has become the latest voice of opposition to Visteon Corp.’s proposed reorganization plan, with the state's Treasury Department arguing that it will be unfairly deprived of about $2.7 million in tax debts it has asserted against the struggling auto parts maker.

In an objection filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, Michigan argued that the company's latest version of the plan — filed June 24 — should not be confirmed because it includes exculpation and injunction language that waives and...
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