Visteon Corporation has had the green light for the company’s fourth amended plan of reorganisation from a steering committee of the company’s term loan lenders and the agent for the company’s term loan facility.
The company said that holders of a majority (55%) of a US$1.5 billion term loan, including members of the steering committee as well as several other large term loan lenders, agreed to vote in favour of the plan.
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In addition, the steering committee has agreed to formally recommend to the remaining term loan lenders that they vote in favour of the plan.
The term loan agent – Wilmington Trust – also agreed, at the direction of a majority of the term loan lenders to cease litigation efforts it was undertaking in connection with confirmation of the plan if the term lender class accepts the plan.
Finally, the term loan agent agreed to provide affirmative support of the plan throughout the Chapter 11 case including at the confirmation hearing if the term lender class accepts the plan.
