Visteon last night said it expected to emerge from US Chapter 11 bankruptcy protection by 1 October.
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It said Judge Christopher Sontchi of the US Bankruptcy Court in Wilmington, Delaware, had entered an order confirming the joint plan of reorganisation filed by the company and certain of its affiliates.
“Visteon’s plan of reorganisation was overwhelmingly supported by all creditor and shareholder classes. The plan will become effective and Visteon will emerge from Chapter 11 upon completion of necessary closing conditions, which Visteon expects to occur by 1 October,” the supplier said in a statement.
“Thanks to the extraordinary efforts of our employees and the tremendous support we received from our customers, suppliers, secured lenders, bondholders, equity holders and many others, we are now positioned for a successful emergence,” said chairman and CEO Donald Stebbins, chairman and CEO of Visteon. “The difficult and necessary actions undertaken during this reorganisation will allow Visteon to emerge as an extremely competitive automotive supplier.
“Upon consummation of the reorganisation plan, we will have dramatically realigned our capital structure,” Stebbins added. “Our substantially reduced debt level, in combination with the extensive operational restructuring we executed over the last several years, positions Visteon for long-term growth and profitability.”
One-off charges put Visteon in Q2 red
