WILMINGTON, Del. -- Following the news last week that Visteon plans to give its secured lenders 96.2 percent of the shares in the new company -- while leaving unsecured creditors with nothing, Reuters has reported that the auto parts supplier's unsecured creditors are now talking to the court, demanding more information.
A Reuters report stated that Visteon's unsecured creditors have asked the court to make Visteon provide documents regarding its reorganization plan, and also want information about the company's decision to end its pension plans.
The unsecured creditors believe they are being "dramatically short-changed," according to Reuters, and believe that if Visteon was able to borrow more money in conjunction with its emergence from Chapter 11, more money would be available for the unsecured creditors.