US: Visteon has disclosure hearing postponed

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.

[This was] “To give the company and official committee of unsecured creditors potential time to explore alternative plans. Our unsecured creditors have discussed [the] alternative approach, which we believe warrants further details.”

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.