wurde als news auf bloomberg.com veröffentlicht. Das Hedge Fond "Aurelius Capital Master" hat sich gegen die Löschung der commonon shares öffentlich gewehrt. Visteon argumentierte bisher, dass das Unternehmen substanziell keine Zukunft hat aufgrund der Schulden und reichte daher vor einem Jahr ein Antrag für Chapter 11 ein. Nun sieht die Ausgangslage aber anders aus und Visteon erwirtschaftet wirder tolle Gewinne. Der o.g. Hedge Fond hat heute laut kommuniziert, dass Visteon aufgrund der positiven Geschäftsentwicklung fundamental einen viel höheren inneren Wert hat und daher wieder aus Chapter 11 raus muss, und zwar als Fortführung mit den aktuellen common shares, also die wir auch in unserem Depot haben. In den USA-Foren flippen die gerade aus.
Hier die NEWS:
" Visteon Managers to Split Up to $237 Million in Stock (Update1) Share Business ExchangeTwitterFacebook| Email | Print | A A A By Steven Church
April 26 (Bloomberg) -- Visteon Corp. managers will split as much as $237 million in stock under a reorganization proposal they are advocating, shareholders of the bankrupt auto-parts maker said in court papers.
The proposed incentive plan means managers are ?unquestionably self-interested,? in a reorganization that leaves nothing for shareholders, Aurelius Capital Master Ltd. and two related investors said in court papers filed April 23 in U.S. Bankruptcy Court in Wilmington, Delaware.
Shareholders asked the judge overseeing Visteon?s bankruptcy case to reject a proposed reorganization agreement between the company and its lenders partly because of the management incentive plan.
Visteon has proposed cutting its debt and exiting bankruptcy by giving lenders 85 percent of the company and splitting the rest with noteholders and other unsecured creditors. After the company exits bankruptcy, 10 percent of the company?s stock would be set aside for company managers, according to the reorganization proposal.
Company spokesman Jim Fisher didn?t immediately return a call for comment.
Visteon estimates the company?s stock may be worth as much as $2.37 billion after it exits bankruptcy. Shareholders and unsecured creditors say it will be worth more.
Since Visteon filed bankruptcy last year, the company?s stock and its bonds have risen in value as investors bet the company can successfully reorganize.
The company, which was spun off from Ford Motor Co. in 2000, filed for bankruptcy in May, listing assets of $4.58 billion and debt of $5.32 billion in Chapter 11 documents.
Visteon rose 17 cents, or 11 percent, to $1.69 at 1:17 p.m. New York time in over-the-counter trading.
The case is In re Visteon Corp., 09-11786, U.S. Bankruptcy Court, District of Delaware (Wilmington).
To contact the reporter on this story: Steven Church in U.S. Bankruptcy Court in Wilmington, Delaware, at schurch@bloomberg.net. "
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