Visteon Corporation announced Oct. 1 that it has completed its reorganization and emerged from its Chapter 11 proceeding. With its significantly improved capital structure, the automotive supplier said it is well-positioned for profitable and sustainable growth.
As previously announced, the company had filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware in May 2009 (21 BBLR 770, 6/4/09). On Aug. 31, 2010, the bankruptcy court confirmed the debtor’s reorganization plan (22 BBLR 1227, 9/16/10).
According to the company news release, Visteon emerged with a stronger balance sheet and about $2.1 billion less consolidated debt than when ...
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