Visteon loan agent's equity commitment, backstop stay motion denied

By Caroline Salls

Pittsburgh, June 28 - Visteon Corp. administrative agent Wilmington Trust FSB's motion for a stay of an order approving the company's plan support, equity commitment and cash recovery backstop agreements was denied Monday by the U.S. Bankruptcy Court for the District of Delaware.

Wilmington Trust asked the court to stay the orders pending the outcome of its appeal of the approval of the agreements.

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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