Visteon: lenders appeal approval of plan support agreement

By Lisa Kerner

Charlotte, N.C., June 23 - Wilmington Trust FSB, on behalf of itself and the several lenders of Visteon Corp.'s pre-petition loan, appealed the court order approving Visteon's plan support agreement, equity commitment agreement and cash recovery backstop agreement, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The agreements were approved on June 17.

On Monday, Visteon's informal equity committee filed a similar appeal.

As previously reported, a group of stockholders objected to the plan support agreement earlier this month, arguing that the agreement "would provide no benefit to the estates and would be deeply detrimental to the debtors' equity holders."

The stockholders said it would also "further lock the debtors' on a course toward a protracted and contested confirmation hearing."

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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