If the BOD has their way, this is what's going to happen:
1. Current commons (VSTNQ) are canceled 2. Visteon (the company) exists the BK 3. Some time later the is an IPO of new shares (new stock symbol) at ~$27 a pop.
The shares from #3 above is what GS has a right to purchase ~31M of. Why are they holding the 5M of current VSTNQ? Perhaps to have a little more leverage in discussions with the BOD about their future purchase. Keep in mind that the company is on the track to be hugely profitable in the near future. So buying the new shares at the IPO can be a good investment.
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