Wird Visteon eine zweite GGWPQ oder VRMLQ?

In short, we have determined that our Plan of Reorganization is the best path forward for Visteon and that your proposal does not warrant further consideration. Given all of the above, we trust you will respect our decision.

On a related matter, I am concerned that JCI's recent contacts with our customers and aggressive characterizations of your proposal could potentially damage our business and relationships with key customers. I assume these communications are occurring without your knowledge and ask that you personally see that such communications end.

Finally, because of the public announcement of your proposal, the Company is obliged to share the contents of this letter with its stakeholders, and intends to do so imminently through a press release.

* * * *

Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 25 countries and employs approximately 28,500 people.

Forward-looking Information

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to,

   * our ability to maintain adequate liquidity to fund our operations during the Chapter 11 proceedings and to fund a plan of reorganization and thereafter, including obtaining sufficient "exit" financing; maintaining normal terms with our vendors and service providers during and after the Chapter 11 proceedings and complying with the covenants and other terms of our financing agreements;
   * our ability to obtain court approval with respect to motions in the Chapter 11 proceedings prosecuted from time to time and to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 proceedings and to consummate all of the transactions contemplated by one or more such plans of reorganization or upon which consummation of such plans may be conditioned;
   * conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, and in particular Ford's and Hyundai-Kia's vehicle production volumes, (ii) the financial condition of our customers or suppliers and the effects of any restructuring or reorganization plans that may be undertaken by our customers or suppliers or work stoppages at our customers or suppliers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress or work stoppages;
   * general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations; and
   * those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2009).


The risks and uncertainties and the terms of any reorganization plan ultimately confirmed can affect the value of our various pre-petition liabilities, common stock and/or other securities. No assurance can be given as to what values, if any, will be ascribed in the Chapter 11 proceedings to each of these constituencies. A plan of reorganization could result in holders of our liabilities and/or securities receiving no value for their interests. Because of such possibilities, the value of these liabilities and/or securities is highly speculative. Accordingly, we urge that caution be exercised with respect to existing and future investments in any of these liabilities and/or securities. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update.


www.prnewswire.com/news-releases/...rtain-assets-95328424.html

June 1 (Bloomberg) -- Visteon Corp., the bankrupt former auto-parts unit of Ford Motor Co., turned down Johnson Controls Inc.’s $1.25 billion offer for its interiors and electrics businesses, saying it would hurt the company’s creditors.  The board voted unanimously to reject the unsolicited bid and work to emerge from bankruptcy as an independent company, Visteon said today in a statement. Johnson Controls, the largest publicly traded U.S. auto supplier, made the cash offer in May for Visteon units that had $4.1 billion in 2009 sales.  “Johnson Controls has been pursuing this for quite a while,” David Leiker, an analyst with Robert W. Baird, said in an interview. He rates Johnson Controls “outperform.” “It’s unlikely the Visteon board making this decision will make Johnson Controls go away.”  Visteon said the proposed takeover by Milwaukee-based Johnson Controls would accelerate some costs and wouldn’t benefit its creditors and equity holders. Visteon, based in Van Buren Township, Michigan, said the proposed takeover would probably delay its emergence from bankruptcy and asked Johnson Controls to stop talking to its customers about the proposed acquisition.  “I am concerned that JCI’s recent contacts with our customers and aggressive characterizations of your proposal could potentially damage our business and relationships with key customers,” Visteon’s board said in a letter to Johnson Controls. “I assume these communications are occurring without your knowledge and ask that you personally see that such communications end.”  Visteon shares fell 16 cents, or 11 percent, to $1.32 at 1:53 p.m. in over-the-counter trading. Johnson Controls fell 2 cents to $28.51 on the New York Stock Exchange.

Reorganization Fight

Shareholders and bondholders of Visteon, which filed for Chapter 11 in May 2009, are battling in court for the right to sponsor the company’s reorganization plan. Both groups want to issue new stock to help the company pay down debt.  U.S. Bankruptcy Judge Christopher S. Sontchi in Wilmington, Delaware, last week put off a decision on whether to approve a plan for bondholders to buy 95 percent of the new stock until June 14. Sontchi agreed to give shareholders time to create a competing stock plan.  Under both proposals, bondholders would have the opportunity to buy a majority of the new stock issued, according to shareholder attorney Martin J. Bienenstock.  While under court protection from its creditors, Visteon has closed plants, fired workers and moved jobs out of the U.S.

www.businessweek.com/news/2010-06-01/...on-offer-update1-.html