Visteon to exit bankruptcy

Former Ford unit Visteon yesterday received court approval for its bankruptcy reorganisation, ending a 15-month fight among hedge funds, lenders and an industry giant for a piece of the revived auto parts maker. Visteon overcame objections about the treatment of retiree benefits and the way big-money shareholders, but not individual shareholders, were given the right to buy stock in the reorganised company. The former Ford unit that makes air conditioning and electronics systems exits bankruptcy under the control of bondholders, who were owed about $870m (£567.4m).