VAN BUREN TOWNSHIP, Mich. — A recent report from Reuters indicates that Visteon Corp. plans to give its secured lenders 96.2 percent of the shares in the new company, as part of its Chapter 11 reorganization plan.

Reuters cites documents filed with the U.S. Bankruptcy Court in Delaware, which show that Visteon plans to issue new common stock and secured debt in full settlement of the secured term loan lenders’ claims, while unsecured lenders would receive nothing.

The court documents also stated that the Pension Benefit Guaranty Corp., which provided protection for a pension that covered more than 5,300 former employees, would receive 12 percent recovery of its claim, which would equate to about 3.8 percent ownership of the reorganized company, according to Reuters.

Pension plans, excluding the Visteon UAW Account Pension Plan would be terminated, the Reuters report stated.