Bankruptcy judge approves Visteon disclosure plan
Bankruptcy
A Delaware bankruptcy court judge on Friday cleared the way for auto parts supplier Visteon Corp. to begin soliciting votes on its proposed reorganization plan, which would leave unsecured bond holders in control of the company.
Overruling objections from certain shareholders and holders of unsecured trade claims, Judge Christopher Sontchi approved documents describing Visteon's proposed reorganization plan and the process for creditors to vote on it.
Creditors will have until July 30 to vote on the plan, and Sontchi scheduled a plan confirmation trial to begin Sept. 28.
The shareholders could receive nothing under Visteon's plan, and the trade creditors would get no more than 50 cents on the dollar for their claims, which total about $48 million. Their attorneys argued that the disclosure statement outlining Visteon's plan did not contain enough information on the company's valuation, and that the plan itself was unconfirmable because of how it treats various creditor groups.
Attorneys for Visteon argued that the objections to the disclosure statement were without merit, or that they should be addressed at what promises to be a contentious plan confirmation trial stretching over two weeks.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.