Bankrupt autoparts maker Visteon said it had had a disclosure statement hearing postponed from 28 January to 18 February to allow further time for alternative plans to be discussed.
“We filed a notice with the court that we are postponing the disclosure statement hearing to 18 February, that had been scheduled for 28 January,” a Visteon spokesman told just-auto from the US.
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However, Visteon was unwilling to outline those precise details of the new approach with the spokesman noting only: “We have been in ongoing discussions with stakeholders – we are not in a position to characterise this other than we are willing to explore a number of alternatives. We are striving for a plan that our stakeholders will support and we believe it is necessary to take the time to help us get there.”
Visteon’s reorganisation plan proposes term-loan lenders receive 96.2% of the shares in the new company, with the remaining 3.8% going to the Pension Benefit Guaranty Corp.
The autoparts maker’s largest customer is former parent Ford, which provides nearly 30% of sales. Visteon filed for bankruptcy protection in June.
