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Last Updated: April 14. 2010 1:00AM
Visteon's bankruptcy exit delayed
Pension protection fund in UK files for $555M for workers
David Shepardson / Detroit News Washington Bureau
Detroit -- Visteon Corp.'s exit from bankruptcy has been delayed, as it faces new claims from the United Kingdom's pension fund.
Last month, the former Ford Motor Co. parts unit, based in Wayne County's Van Buren Township, reversed course and said it wouldn't abandon its U.S. pension plans after all.
The United Kingdom's Pension Protection Fund filed a claim seeking $555 million for underfunded pensions for Visteon workers -- a move that the company says could jeopardize its exit plan.
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Visteon says that under British law, its subsidiary Visteon UK has no present funding requirements. But Visteon could be required by the UK's pension agency to make new payments separate from the U.S. legal action.
The company said that over the past 10 years, it provided almost $800 million in financial support to Visteon UK.
"Those funds were absorbed by Visteon UK's staggering operating losses -- more than $950 million -- over the course of its existence, as well as payments into the Visteon UK Pension Plan," Visteon said.
Requiring more funding "would add insult to injury and be fundamentally unreasonable under UK pensions law."
Last month, Visteon filed a new reorganization plan reflecting the company's improved operating and financial performance, as well as recovering industry and market conditions."
Visteon, spun off by Ford in 2000, had intended to seek approval of its disclosure statement Monday in U.S. Bankruptcy Court in Delaware.
The hearing was delayed until April 30.
Visteon says it will give 85 percent of shares in a reorganized company to secured lenders. When it emerges from bankruptcy, unsecured lenders will get 9 percent of new stock, about 20 percent of the value of their claims; trade lenders will get cash worth 50 percent of their claims. But Visteon's shareholders will be wiped out.
http://www.detnews.com/article/20100414/AUTO01/4140337/1148/Visteon-s-bankruptcy-exit-delayed
Disclosure Statement Approval Hearing today:
http://omnimgt.com/SBLite/Templates/A/Default.aspx?clientId=CsgAAncz%2b6YjTTxZiUudjJ%2bhQGmgPCnLHF2K1SywUY2bKeEpm04b1uW8REMbrailMiBiCMoGJdw%3d
Just a waiting game at this point.
Misspoke - a Street pick
http://investorshub.advfn.com/boards/profile.asp?user=82395
This is another soldier pick - we could be seeing EKWX money coming in here shortly
It has churned through the 1's people had up for sale, now allowing 2's to go through
Common reasons includes splits, mergers and simple name changes.
To my knowledge - no, but i can tell you there has not been enough volume to constitute a dump
Please block the sender in your email account and stop posting everytime you get an email. Thank you.
The last time we had activity like this, they released the aquisition of RF Wireless after the market closed. And this is just a guess, but it appeared that PSC bought them up right up to the end of close that day.
Someone is accumulating today. and they know more than we do. this happened last time before the big run up. Lets see if we get a nice PR
We are going to need a little more informatin than that n2bugs. Please post a link to the source that this is illegal and unsolicitated so that the readers can make their own decision. The content of your post is well outdated compared to the company's current business plan.
That was kind of my point Fidz - it takes no effort. In 10 minutes you can come up with a dozen articles bashing the Florida market and another dozen saying it is recovering. I just hope everyone realizes this.
While the Miami real estate market continues to be impacted by economic uncertainty, a recent mini boom in short sales has started to propel the residential market forward. Condominium units are starting to sell as investors take advantage of bargain basement prices, and developers and bankers reach agreements that allow for developers to sell units at reduced prices. See the following article from Housing Predictor for more on this.
http://www.nuwireinvestor.com/articles/miami-real-estate-showing-signs-of-life-54474.aspx
You can use the internet to twist it anyway you want to. Longs just choose not to put as mych effort into it as you bashers.
I hear yah. At first I thought it had to do with Egypt, just couldnt figure out what part.
good faith est
Good deal, I was really worried those three companies weren't getting the training and guidance they needed! /sarcasm
I do believe the answer to your question lies right before your question.
Added .10s. I am done, this is as big as my position gets.
Pretty sure you're the only one. Please read the posts before commenting on them and attacking
Where did I spread a lie? Why am I being attacked for saying that the CEO of the established company being purchased will own shares of the publicly traded company?
You asked why someone would do that, I simply posted a scenerio.
If I were CEO of a company that has been in business for 30 years and has been doing 50-100M+ in business a year, I would be pretty confident that my stock price is worth more than .10. Give me 10-20M shares restricted and I am confident I can retire with $10M+. Otherwise - the OP is right - why do it?
Millions of dollars in stock. Allows the owner to sell his company for more than its worth on the open market via stock options.
+80 today, +110 since Friday
Congrats on selling this a week ago, just means you are a better trader than we are ;)
Teff - I too am holding long. And I do not think that PSC is personally responsable for this dump. I think it is insider'ish trading. I have been in many stocks that later psc picked up - they will be looking for higher gains - imo. This doesnt have the feel of a psc dump to me. when they drop they disappear - they dont 'investigate'. I will be trying to pick up another 100k next week and I think we will see some nice returns. Stay strong brother.
eta - pm for you for being strong
I have an even 400 now. If they want to give me more at my bid I will take it.
MM just jumped my bid of .19 to .1901 so I wont get any shares. Its turning
Not showing entire buys on scottrades ticker. Love a good honest trade. /sarcasm
I am getting ready to add.
Well technically, .01s would be better than .03s, just dont see either happening.
Good post. I am just going to sit back and wait for the 5s and add to the stable.
Link please.
Too bad that came from the PSC twitter account and not the Expert Group account. I think that pretty much tells us where the problem is. Hopefully they are done soon.
Wow, nice news. Been working out of town all day. Feel bad for those who have sold, yet so proud of the friends I have made on this board.
Nothing has been filed with the SEC since Jan 09 and there is no current REGDEX open:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001307683&owner=exclude&count=40