NEW YORK -- Reuters has reported this week that the U.S. Trustee handling Visteon's bankruptcy case says the company should not get permission to pay up to $5.9 million in incentive payments to 12 corporate insiders.
The Trustee has asked the court to deny Visteon's request on the basis that the company did not prove the payments were truly performance-based and not retention payments, according to Reuters.
Court documents also showed that some 1,300 "non-insiders" could be eligible for the incentive plan, which would bring total payments to $35.4 million, Reuters said.