Tag: Creditor

By on December 17, 2009

The creditor lot is bigger...

The Freep reports that creditors in Visteon’s bankruptcy are investigating Ford’s relationship with its spun-off supplier, implying that the Blue Oval could be responsible for its financial downfall. The creditors have requested the release of documents relating to Ford’s 2000 spin-off of its parts maker, and financial transactions between the two firms since then. They’re hoping to show that Ford forced losses onto the supplier, possibly securing better claims for creditors. The creditor committee motion explains:

Since the spin-off transaction, there has been no semblance of arm’s length bargaining between Visteon and Ford. Ford appears to have utilized its insider status to control Visteon to Visteon’s detriment.

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