Visteon expect to emerge from US Chapter-11 bankruptcy protection by 1 October 2010. Judge Christopher Sontchi of the US Bankruptcy Court in Wilmington, Delaware has 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.
