Interiors and electronics company, Visteon, has filed for bankruptcy and is refusing a competitor’s attempts to buy out parts of its business for $1.25 billion. Milwaukee-based company, Johnson Controls, has publicly expressed a high interest in purchasing two of Visteon’s three business units. Visteon refuses Johnson Controls’ offer on the grounds that the business venture would have a negative impact on their creditors. Visteon also notes that if they sold the two business units to Johnson Controls, Visteon’s equity holders would be unable to recover. However, Johnson Controls claims that their stake in the company would prove valuable for Visteon equity holders.
Visteon shareholders have argued for Johnson Controls, saying that the generous $1.25 billion offer could leave the company’s shareholders with a recovery. As a result of this, Visteon has asked Johnson Controls to cease communication with their customers, claiming that it could damage their relationship with important clients.
If you are considering filing your business for bankruptcy, contact the Milwaukee Chapter 7 bankruptcy lawyers of the DeLadurantey Law Office, L.L.C. by calling 414-377-0518.