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.
Related listings
-
FDIC, WaMu reach agreement on bankruptcy plan
Bankruptcy 05/22/2010The FDIC said on Friday the agreement settles claims between the bankrupt bank's holding company and JPMorgan Chase, which acquired the failed bank.The FDIC is involved because it was appointed receiver of Washington Mutual in September 2008, during ...
-
WaMu files amended Chapter 11 plan
Bankruptcy 05/17/2010Bank holding company Washington Mutual Inc. has filed an amended Chapter 11 reorganization plan.The plan filed Sunday in Delaware bankruptcy court is based on a settlement involving WMI, the Federal Deposit Insurance Corporation and JPMorgan Chase Ba...
-
U.S. Supreme Court confirmation in about 100 days
Bankruptcy 05/10/2010It takes an average of about 100 days from the time a U.S. Supreme Court justice announces his or her retirement until the Senate confirms a replacement, according to Senate Judiciary Committee.President Barack Obama on Monday nominated Solicitor Gen...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.