Visteon says it’s close to emerging from bankruptcy, asks court for more time

Visteon asks bankruptcy court for more time

WILMINGTON, Del. — Auto parts supplier Visteon Corp. is asking a judge for more time as it works to emerge from bankruptcy protection.

On Monday, the company asked that its exclusive rights to file a Chapter 11 plan be extended beyond a Friday deadline. The company says it has presented a business plan to key constituents, including term loan lenders, unsecured creditors and Ford Motor Co., which has pledged at least $125 million in financing.

Visteon also has agreed with term lenders on certain milestones, including filing a Chapter 11 plan by Nov. 2.

But Visteon is still awaiting a ruling on whether it can terminate retiree health care and insurance benefits that its says constitute a liability of about $310 million and pose a significant obstacle to a successful reorganization.