UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Amendment No. 1
Under the Securities Exchange Act of 1934
Visteon Corporation
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(Name of Issuer)
Common Stock, $1.00 par value
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(Title of Class of Securities)
92839U107
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(CUSIP Number)
David Metzman, Esq.
c/o Aurelius Capital Management, LP
535 Madison Avenue, 22nd Floor
New York, New York 10022
(646) 445-6590
with a copy to:
Jason Kaplan, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
May 25, 2010
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
--------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following pages)
(Page 1 of 9 Pages)
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CUSIP No. 92839U107 SCHEDULE 13D Page 2 of 9 Pages
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------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital Partners, LP
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 2,578,592
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
2,578,592
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,578,592
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
1.98%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 3 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital International, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 3,342,903
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
3,342,903
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,342,903
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
2.57%
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14 TYPE OF REPORTING PERSON
CO
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CUSIP No. 92839U107 SCHEDULE 13D Page 4 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Convergence Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) || (b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 579,403
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
579,403
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
579,403
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.44%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 5 of 9 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital Management, LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 6,500,898
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
6,500,898
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,500,898
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.99%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 92839U107 SCHEDULE 13D Page 6 of 9 Pages
---------------------------- ----------------------------
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1 NAME OF REPORTING PERSON
Mark D. Brodsky
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | | (b) |X|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) | |
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 6,500,898
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
6,500,898
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,500,898
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.99%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
------------- -----------------------------------------------------------------
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CUSIP No. 92839U107 SCHEDULE 13D Page 7 of 9 Pages
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ITEM 1. SECURITY AND ISSUER
Reference is made to the Schedule 13D filed on April 19, 2010 (the
"Schedule 13D"), relating to the common stock, $1.00 par value (the "Common
Stock"), of Visteon Corporation, a Delaware corporation (the "Issuer"). The
principal executive offices of the Issuer are located at: One Village Center
Drive, Van Buren Township, Michigan, 48111. Capitalized terms used herein and
not otherwise defined in this Amendment have the meanings set forth in the
Schedule 13D. This Amendment No. 1 to the Schedule 13D amends Items 3, 4 and 5
as set forth below. This is the final amendment to the Schedule 13D and
constitutes an "exit filing" for the Reporting Persons, who do not intend to
file any further amendments to the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
ITEM 3 OF THE SCHEDULE 13D IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY AS
FOLLOWS:
The Common Stock purchased by the Aurelius Funds was acquired with
working capital in open market transactions at an aggregate cost (excluding
commissions, if any) of approximately $5,500,691.88.
ITEM 4. PURPOSE OF TRANSACTION
ITEM 4 OF THE SCHEDULE 13D IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY AS
FOLLOWS:
The Aurelius Funds acquired shares of Common Stock for investment in the
ordinary course of business because they believed that the shares, when
purchased, were undervalued and represented an attractive investment
opportunity.
On May 28, 2009, the Issuer and certain of its affiliates (collectively,
the "Debtors") filed voluntary petitions for relief under Chapter 11 of title 11
of the United States Code in the United States Bankruptcy Court for the District
of Delaware before the Honorable Christopher S. Sontchi (the "Bankruptcy
Proceedings").
On April 14, 2010, counsel for Aurelius Capital Management sent a letter
to the Debtors' counsel noting Aurelius Capital Management's opposition to the
first amended plan of reorganization (the "First Amended Plan") on various
grounds, most fundamentally on the belief that the First Amended Plan rests on a
valuation of the Debtors that, in Aurelius Capital Management's and the market's
view, is far below the reorganized Debtors' true value. The Aurelius Funds
subsequently filed an objection in the Bankruptcy Proceedings to the first
amended disclosure statement.
On May 7, 2010, the Debtors filed their second amended plan (the "Second
Amended Plan") and second amended disclosure statement (the "Second Amended
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CUSIP No. 92839U107 SCHEDULE 13D Page 8 of 9 Pages
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Disclosure Statement") in the Bankruptcy Proceedings. The Aurelius Funds filed
an objection in the Bankruptcy Proceedings to the Second Amended Disclosure
Statement stating the Second Amended Disclosure Statement should not be approved
because the Second Amended Plan is patently unconfirmable since it
overcompensates the Debtors' creditors to the detriment of the Debtors' equity
holders. In addition, the Aurelius Funds objected to the Second Amended
Disclosure Statement on the ground that it lacks adequate disclosure on the
valuation of the Debtors and the Debtors' proposed Management Equity Incentive
Program.
The Aurelius Funds have pursued, and intend to continue to pursue and
prosecute the objections described above and any related or future objections,
and may file related pleadings, respond to pleadings filed by other parties,
discuss the formulation of alternative plans with other parties and submit
alternative plans to the Debtors, serve and prosecute discovery and respond to
the same, appeal any adverse decisions and respond to any appeals, and generally
remain actively involved in the Bankruptcy Proceedings, with the goal of
protecting and maximizing the value of the Aurelius Funds' respective
investments.
To the extent permitted by applicable law, rules and regulations, the
Reporting Persons may seek to influence the outcome of the Bankruptcy
Proceedings, including, among other things, through (i) direct and/or indirect
communications with participants in the Bankruptcy Proceedings and (ii) direct
and/or indirect communications with other persons, including other stockholders
or creditors of the Issuer.
Except as set forth herein or as would occur upon completion of any of
the actions discussed herein, none of the Reporting Persons has any plans or
proposals which relate to, or could result in, any of the matters referred to in
paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule
13D. The Reporting Persons may, at any time and from time to time, review or
reconsider their position and/or change their purpose and/or formulate plans or
proposals with respect thereto and may (i) acquire additional shares or
securities of the Issuer, (ii) dispose of any or all of their securities of the
Issuer, (iii) enter into or withdraw from legal proceedings, if any, and/or (iv)
enter into privately negotiated derivative transactions with institutional
counterparties to hedge the market risk of some or all of their positions in the
securities of the Issuer, depending upon the factors described below and/or
other investment considerations. The Reporting Persons disclaim all duties or
obligations, if any, to other stakeholders in the Issuer. For the avoidance of
doubt, the Reporting Persons do not have any current intention to change or
influence the control of the Issuer.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
ITEMS 5(a), (b) and (c) are hereby amended and restated in their entirety as
follows:
(a),(b) The information set forth in Rows 7 through 13 of the cover page
hereto for each Reporting Person is incorporated herein by reference. The
percentage amount set forth in Row 13 for all cover pages filed herewith is
calculated based on 130,320,880 shares of Common Stock outstanding as set forth
in the Quarterly Report on Form 10-Q for the quarterly period ended March 31,
2010, filed by the Issuer on April 30, 2010.
(c) The Aurelius Funds entered into transactions in the Common Stock
since the filing of the Schedule 13D which are set forth on Schedule A. The
Aurelius Funds are the only Reporting Persons to have effected transactions in
the Common Stock since the filing of the Schedule 13D.
---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 9 of 9 Pages
---------------------------- ----------------------------
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: May 27, 2010
AURELIUS CAPITAL PARTNERS, LP AURELIUS CAPITAL INTERNATIONAL, LTD.
By: Aurelius Capital GP, LLC, its General By: Aurelius Capital Management, LP,
Partner solely as investment manager and not in
its individual capacity
By: /s/ Dan Gropper
--------------- By: /s/ Dan Gropper
Name: Dan Gropper ---------------
Title: Managing Director Name: Dan Gropper
Title: Managing Director
AURELIUS CONVERGENCE FUND, LTD. AURELIUS CAPITAL MANAGEMENT, LP
By: Aurelius Capital Management, LP,
solely as investment manager and not in By: /s/ Dan Gropper
its individual capacity ---------------
Name: Dan Gropper
Title: Managing Director
By: /s/ Dan Gropper
---------------
Name: Dan Gropper
Title: Managing Director
/s/ Mark D. Brodsky
-------------------
Mark D. Brodsky
SCHEDULE A
This Schedule A sets forth transactions in the Common Stock by the Aurelius
Funds since the filing of the Schedule 13D. Unless otherwise indicated, all
trades were effected in the open market through brokers.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CAPITAL PARTNERS SINCE THE FILING
OF THE SCHEDULE 13D
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)(1)
------------------- ----------------------- ------------------- ------------------
5/21/2010 (410,874) 1.2278 1.2000 - 1.2800
5/25/2010 (1,418,771) 1.4633 1.3600 - 1.6300
5/25/2010 (730,882) 1.4612 1.3500 - 1.5200
5/26/2010 (49,224) 1.3448 1.3500 - 1.5200
5/26/2010 (29,749) 1.2000 N/A
* Excluding commissions.
------------------
(1) The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These shares
were purchased/sold in multiple transactions at prices between the price ranges
below. The reporting persons will undertake to provide to the staff of the
Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CAPITAL INTERNATIONAL SINCE THE
FILING OF THE SCHEDULE 13D
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)(2)
------------------- ----------------------- ------------------- ------------------
5/21/2010 (500,000) 1.2278 1.2000 - 1.2800
5/25/2010 (1,587,112) 1.4633 1.3600 - 1.6300
5/25/2010 (817,603) 1.4612 1.3500 - 1.5200
5/26/2010 (63,815) 1.3448 1.3500 - 1.5200
5/26/2010 (38,567) 1.2000 N/A
* Excluding commissions.
(2) The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These shares
were purchased/sold in multiple transactions at prices between the price ranges
below. The reporting persons will undertake to provide to the staff of the
Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CONVERGENCE FUND SINCE THE FILING
OF THE SCHEDULE 13D
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)(3)
------------------- ----------------------- ------------------- ------------------
5/21/2010 (89,126) 1.2278 1.2000 - 1.2800
5/25/2010 (294,117) 1.4633 1.3600 - 1.6300
5/25/2010 (151,515) 1.4612 1.3500 - 1.5200
5/26/2010 (11,061) 1.3448 1.3500 - 1.5200
5/26/2010 (6,684) 1.2000 N/A
* Excluding commissions.
(3) The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These shares
were purchased/sold in multiple transactions at prices between the price ranges
below. The reporting persons will undertake to provide to the staff of the
Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price.