Van Buren Township News
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Visteon Corp. Chief Executive Officer Tim Leuliette ruled out selling control of the company’s climate-control business that South Korea’s Mando Corp. has been seeking to buy.
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Mando Corp., the largest unit of South Korea’s Halla Group, is planning an initial share sale of its Chinese unit that may raise as much as 300 billion won ($275 million), two people familiar with the matter said.
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Ford Motor Co. was sued by more than 1,400 former U.K. workers for making misleading statements about the security of transferring their pensions to Visteon Corp. during the 2000 spinoff of the auto-parts company.
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Daimler AG won dismissal yesterday of a lawsuit begun last August by the trust for unsecured creditors of Old Chrysler, now formally named Old Carco LLC.
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Visteon Corp . filed a revised reorganization plan and disclosure statement early this morning where bondholders can own the company by providing $1.25 billion cash in return for all the new stock.
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Halla Climate Control Corp. agreed to buy Visteon Corp.’s automotive climate units, consolidating Visteon’s businesses within Halla, a South Korean supplier of which the U.S. company owns 70 percent.
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Professionals working for old General Motors Corp . will be waiting for some of their fees as the result of a May 21 ruling by the bankruptcy judge in New York.
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Auto-parts maker Visteon Corp. filed a revised Chapter 11 plan, hoping to mollify existing shareholders by offering them 1.94 percent of the stock if they vote in favor of the reorganization. The new plan came in just before the hearing that began yesterday morning for approval of a disclosure statement explaining the plan.
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Visteon Corp. climbed the most in more than two months after the auto-parts supplier said annual sales will be at the high end of its forecast, exceeding analysts’ estimates.
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American Safety Razor Co. , the fourth-largest maker of wet-shaving blades, filed a Chapter 11 petition yesterday where the company will be sold to first-lien lenders in exchange for debt unless second-lien creditors make arrangements to pay off the senior creditors within seven weeks.
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