DETROIT -- While in the midst of a Chapter 11 bankruptcy case, Visteon is said to be considering a proposal to provide some return for its unsecured creditors.

Last month it was reported that Visteon planned to leave unsecured creditors with nothing, while secured lenders would receive 96.2 percent of the shares in the reorganized company.

Since then, unsecured creditors have voiced their opposition to that plan in the courts and have now offered Visteon the chance to consider a new alternative proposal.

According to a Bloomberg report, the new proposal was made by a committee of unsecured creditors, which includes bondholders and retirees looking to retain their pensions. The current plan calls for retirees to receive less than 4 percent of the company, while bondholders and unsecured creditors would receive nothing. This new proposal could lead to an amendment of Visteon's current reorganization plan, Bloomberg said.

Additionally, BankruptcyData.com has reported that the U.S. Bankruptcy Court has scheduled a January 21, 2010 hearing to consider Visteon’s motion for an exclusivity extension and for sale approval.