Visteon plan confirmed; emergence from bankruptcy possible by Oct. 1

By Lisa Kerner

Charlotte, N.C., Aug. 31 - Visteon Corp. said it expects to emerge from Chapter 11 bankruptcy by Oct. 1 after the court confirmed its plan of reorganization on Tuesday.

The plan was overwhelmingly supported by all creditor and shareholder classes, according to a company news release.

"Upon consummation of the reorganization plan, we will have dramatically realigned our capital structure," said chairman and chief executive officer Donald J. Stebbins.

"Our substantially reduced debt level, in combination with the extensive operational restructuring we executed over the last several years, positions Visteon for long-term growth and profitability," Stebbins said.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28, 2009 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-11786.

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