Visteon Corp. Asks for Approval of Bankruptcy Exit Financing Plan

This Wednesday, it is reported that Visteon Corp. asked a federal bankruptcy court for approval of a $700 million bankruptcy exit financing plan.  If the plan is approved by the US bankruptcy court in Delaware, Visteon Corp. has plans to exit bankruptcy around the end of September or early October.

In court filings, it has been shown that Visteon Corp. is working with Morgan Stanley as the lead arranger for the deal which involves a $500 million senior secured loan term as well as a $200 million senior secured asset base revolving account.

This week, a confirmation hearing will be held to approve or deny the plan.  Visteon Corp. said that shareholders and creditors approve the plan, which would allow the company to exit bankruptcy after a period of 16 months.  Visteon Corp. is the former parts unit of Ford and spun away from the automaker in 2000 and filed for Chapter 11 bankruptcy just last year.

If you are planning to file for bankruptcy and will likely go representation you can, contact the Stone Law Firm and set up a consultation with a Salt Lake City bankruptcy lawyer.