Visteon’s Reorganization Plans Approved by Bankruptcy Judge

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Auto parts supplier Visteon Corp had their reorganization plans approved by bankruptcy judge Christopher Sontchi, paving the way for the company to allow its creditors to vote on it. The vote is expected to give unsecured bond holders controlling stake in the company.

The plan came under heavy objections from some of the shareholders and holders of unsecured trade claims but the judge overruled them. The judge also scheduled a plan confirmation trial to proceed on September 28, while giving creditors until July 30 to vote on the plan.

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