Visteon Corp., the auto-parts maker focusing on Asian growth, is considering leaving the New York Stock Exchange and trading in Hong Kong, where investors recognize the company’s value, its top executive said.
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.
Visteon Corp. shares rose the most in more than nine months after the auto-parts supplier said it will sell its stake in a Chinese venture for $1.25 billion to focus on its automotive climate-control and electronics units.
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.
Publisher Tribune Co. announced yesterday that mediation resulted in agreement with some creditors on a reorganization plan along the lines proposed earlier this month by creditors Oaktree Capital Management LP and Angelo Gordon & Co.