Visteon seeks exclusivity extension to negotiate consensual plan

By Alice Popovici

New York, Sept. 22 - Visteon Corp. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Feb. 22 from Sept. 25 and the solicitation period to April 23 from Nov. 24.

A hearing has been scheduled for Oct. 7.

Visteon said it has spent its 120-day exclusivity period in "complex" debtor-in-possession financing negotiations, as well as developing a business plan to serve "as a platform for emergence," and implementing "initiatives to streamline operations and reduce their cost basis."

The motion states that "a hasty filing of a plan or solicitation process could be detrimental for all parties-in-interest, as it will reduce the likelihood of a consensual plan."

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28. Its Chapter 11 case number is 09-11726.

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