VAN BUREN TOWNSHIP, Mich. -- Visteon Corp. announced yesterday that Judge Christopher Sontchi of the U.S. Bankruptcy Court in Wilmington, Del., entered an order confirming the joint plan of reorganization filed by the company and certain of its affiliates.

The company filed for Chapter 11 on May 28, 2009.

Visteon said its plan of reorganization was overwhelmingly supported by all creditor and shareholder classes. The plan will become effective and Visteon will emerge from Chapter 11 upon completion of necessary closing conditions, which Visteon expects to occur by Oct. 1.

"Thanks to the extraordinary efforts of our employees and the tremendous support we received from our customers, suppliers, secured lenders, bondholders, equity holders and many others, we are now positioned for a successful emergence," said Donald Stebbins, chairman and CEO of Visteon. "The difficult and necessary actions undertaken during this reorganization will allow Visteon to emerge as an extremely competitive automotive supplier.

"Upon consummation of the reorganization plan, we will have dramatically realigned our capital structure," Stebbins added. "Our substantially reduced debt level, in combination with the extensive operational restructuring we executed over the past several years, positions Visteon for long-term growth and profitability."