Visteon creditors' pension committee appointment motion denied

By Caroline Salls

Pittsburgh, Feb. 19 - Visteon Corp.'s official committee of unsecured creditors' motion for appointment of an official committee of pension plan participants was denied Thursday by the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, the court directed the U.S. Trustee to change the composition of the unsecured creditors committee in January to include one or more pension plan participants, or, in the alternative, to appoint an official pension plan participant committee.

After that, representatives of the creditors committee, an informal committee of plan participants, the IUE-CWA and UAW told the U.S. Trustee that they believe the interests of the pension plan participants would be best served by appointment of a separate official committee.

However, the committee said the U.S. Trustee appointed three additional members to the unsecured creditors committee on Feb. 1, including the president of UAW Local 1695, the director of the union's pension fund and 401K plan and a representative of the company's program supply electronics division.

The court also denied the committee's motion to order the U.S. Trustee to reconstitute the unsecured creditors group's membership back to the way it was before the pension plan representatives were appointed.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28, 2009. Its Chapter 11 case number is 09-11786.

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