VAN BUREN TOWNSHIP, Mich., June 25, 2010 /PRNewswire-FirstCall/ -- Visteon Corporation (OTC: VSTNQ) announced today that the U.S. Bankruptcy Court for the District of Delaware approved the adequacy of the disclosure statement in connection with the plan of reorganization filed by Visteon. Given the court's authorization, Visteon indicated it will promptly begin the process of soliciting approval of the plan from eligible stakeholders.
The hearing to confirm the plan of reorganization is scheduled for Sept. 28.
Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 25 countries and employs approximately 28,500 people.
The risks and uncertainties and the terms of any reorganization plan ultimately confirmed can affect the value of our various pre-petition liabilities, common stock and/or other securities. No assurance can be given as to what values, if any, will be ascribed in the Chapter 11 proceedings to each of these constituencies. A plan of reorganization could result in holders of our liabilities and/or securities receiving no value for their interests. Because of such possibilities, the value of these liabilities and/or securities is highly speculative. Accordingly, we urge that caution be exercised with respect to existing and future investments in any of these liabilities and/or securities. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update.
SOURCE Visteon Corporation