http://www.freep.com/article/20100405/BUSINESS01/...lans-over-shares-BY JEWEL GOPWANI
FREE PRESS BUSINESS WRITER
Comments (0) Recommend Print E-mail Letter to the editor Share
An informal committee representing shareholders in Visteon’s bankruptcy case has asked that a bankruptcy judge appoint an examiner to determine if there is a way to pay shareholders in the company’s Chapter 11 bankruptcy process.
§
NEW SCIENTIFIC DISCOVERY FUELS MUSCLE BUILDING
§
3 SIGNS YOU'RE OVERPAYING FOR AUTO INSURANCE
§
AGE 55 OR OLDER? PAY UP TO 75% LESS FOR YOUR CRUISE
§
DO YOU QUALIFY FOR A CREDIT CARD BAILOUT?
§
TURNED DOWN FOR AN AUTO LOAN? THERE ARE OPTIONS
§
FUND YOUR BUSINESS OR FRANCHISE WITH YOUR IRA
So far, in the Van Buren Township-based auto parts supplier, the company does not expect to pay anything to shareholders, which is typical for most Chapter 11 bankruptcy cases.
But shareholders argue that Visteon is undervaluing the company.
Visteon’s estates “appear to have significant value being squandered,” the shareholders committee said in a court filing made Friday
The committee points out that Visteon’s operating results “are vastly exceeding their projections.”
In an objection filed today, Visteon called the examiner request absurd, saying it was a “poorly camouflaged attempt at covert war” on Visteon’s reorganization plan.
The shareholders’ motion, filed Friday, comes before an April 13 hearing to decide if Visteon’s bankruptcy plan should be sent to creditors for a vote.
Contact Jewel Gopwani: 313-223-4550 or jgopwani@freepress.com.