Visteon Trade Committee Says Latest Plan Isn't Fair

Law360, New York (July 29, 2010, 3:15 PM EDT) -- An ad hoc trade committee of unsecured claimants has objected to Visteon Corp.'s fourth amended Chapter 11 plan, saying it treats the different classes of unsecured creditors too disparately.

Under the proposed plan Class F creditors would be allowed to participate in the backstopped rights offering provided for in the plan, which would give them a “par plus accrued plus” recovery, the trade committee said in the U.S. Bankruptcy Court for the District of Delaware on Wednesday.

The trade committee holds claims in Class H, and...
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