GM, Chrysler may help with loan to Ford's Visteon
General Motors Corp., Chrysler Group LLC and Nissan North America may help Ford Motor Co. loan its former parts-making unit money to reorganize while in bankruptcy, GM lawyers said in court papers.
Ford has been trying to arrange financing for Visteon Corp. since the parts-maker filed bankruptcy May 28. All four of the automakers are in talks with Visteon about a bankruptcy loan, GM lawyers said yesterday in a court filing in Wilmington, Delaware.
The acknowledgement of the loan talks came in a filing in which General Motors objected to employee bonus plans sought by Visteon's management. Visteon, based in Van Buren Township, Michigan, has proposed paying as much as $30.1 million to about 100 key employees.
"Approval of the proposed plans may jeopardize the ability of debtors to finalize terms" of a loan, GM lawyers wrote.
The case is In re Visteon Corp., 09-11786, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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