US: Visteon files fourth reorganisation plan
Visteon Corporation has put forward a fourth amended reorganisation plan.
The plan - filed by Visteon on 14 June - envisages partial recovery to equity holders - 2% direct equity along with warrants.
However, the US parts manufacturer is at pains to point out it does not necessarily subscribe to the idea it should pay anything to the equity class.
In an emailed statement, Visteon told just-auto: "Although we believe they are not entitled to any recovery, Visteon and the bondholders agreed to provide some recovery to the equity class in an effort to gain support for the plan.
"Otherwise, the structure of this amended plan is similar to the previously filed plan."
Visteon recently rejected an unsolicited bid from Johnson Controls (JCI) of US$1.25bn, although JCI said it remained interested in some Visteon assets.