Visteon granted exclusivity extension to negotiate consensual plan

By Lisa Kerner

Charlotte, N.C., March 16 - Visteon Corp. was granted an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan at a hearing on Tuesday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the company's exclusive plan-filing period to April 30 from Feb. 22 and the solicitation period to from July 30 from April 23.

In its motion requesting the extension, Visteon said an extension would allow more time for the debtors to focus on negotiations with the term lenders, the committee, the noteholders and the restricted backstop parties in order to reach a consensus.

The court previously extended the company's exclusive plan-filing period to Feb. 22 from Sept. 25 and the solicitation period to April 23 from Nov. 24.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28, 2009. Its Chapter 11 case number is 09-11786.

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