Visteon Corp. Files 2d Amended Plan, Disclosure Statement in Delaware Court

Visteon Corporation May 7 filed a second amended plan of reorganization and disclosure statement in the U.S. Bankruptcy Court for the District of Delaware (In re Visteon Corp.).

According to a May 7 company news release, the second amended plan of reorganization consists of two mutually exclusive sub-plans: (1) a rights offering sub-plan under which certain unsecured bondholders would have the opportunity to receive 95 percent of the equity in reorganized Visteon in exchange for $1.25 billion in cash raised through a backstopped equity rights offering. The remaining 5 percent in equity would be distributed among unsecured bondholders. ...