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Visteon Files Amended Plan of Reorganization and Disclosure Statement

    VAN BUREN TOWNSHIP, Mich., March 15, 2010 /PRNewswire-FirstCall/ --
Visteon Corporation (OTC: VSTNQ) today filed an amended plan of
reorganization and disclosure statement with the U.S. Bankruptcy Court,
reflecting the company's improved operating and financial performance, as
well as recovering industry and market conditions. Under the amended plan,
Visteon would retain its U.S. defined benefit pension plans and provide
recoveries to unsecured creditors, including bondholders and trade
creditors.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )

    The amended plan has the express and unanimous support of the ad hoc
committee of term loan holders, as well as the support of other significant
term lenders with aggregate holdings of approximately 74 percent of the
term lenders' secured claim. Under the amended plan, the term lenders'
entire $1.629 billion secured claim will be converted to equity, which
would leave the reorganized company virtually free of debt in the U.S. The
company believes that its pro forma balance sheet will position it to
enhance customer relationships and participate in a rapidly changing global
market.

    The company also has been having ongoing discussions with an ad hoc
group of its pre-petition bondholders regarding an alternative plan of
reorganization that would be predicated on a backstopped rights offering
for the equity of the reorganized company. To date, the company has not
received a proposal that it considers acceptable. Nonetheless, the company
has not terminated these discussions and has advised the ad hoc group it is
receptive to reviewing any proposals.

    Under the amended plan, the term lenders will receive 85 percent of the
common stock in reorganized Visteon. Holders of Visteon's 12.25 percent
senior notes will receive their pro rata share of approximately 6 percent
of the common stock (representing a recovery of more than 50 percent of the
face value of their claims). Holders of Visteon's other unsecured notes and
non-trade claims will receive their pro rata share of approximately 9
percent of the common stock (representing a recovery of approximately 20
percent of the face value of their claims). Trade creditors will receive
cash in an amount equal to their pro rata share of $23.9 million, an
approximately 50 percent recovery. Although these distributions are a
significant improvement over the proposed distributions in the originally
filed plan of reorganization, the amended plan still leaves the bondholders
and other general unsecured creditors substantially impaired. As such, the
amended plan does not provide for any recovery to holders of Visteon's
equity securities.

    The company intends to seek approval of its amended disclosure
statement at a hearing scheduled for April 13 in the U.S. Bankruptcy Court
for the District of Delaware. If the disclosure statement is approved, the
company will begin soliciting acceptances of the amended plan of
reorganization immediately thereafter and seek its confirmation by the
court.

    Visteon Corporation is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, interior,
electronic and lighting products for vehicle manufacturers. With corporate
offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and
Chelmsford, UK; the company has facilities in 25 countries and employs
approximately 29,500 people.

    Forward-looking Information

    This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not guarantees of future results and
conditions but rather are subject to various factors, risks and
uncertainties that could cause our actual results to differ materially from
those expressed in these forward-looking statements, including, but not
limited to,



    --  our ability to maintain adequate liquidity to fund our operations during
        the Chapter 11 proceedings and to fund a plan of reorganization and
        thereafter, including obtaining sufficient "exit" financing; maintaining
        normal terms with our vendors and service providers during and after the
        Chapter 11 proceedings and complying with the covenants and other terms
        of our financing agreements;
    --  our ability to obtain court approval with respect to motions in the
        Chapter 11 proceedings prosecuted from time to time and to develop,
        prosecute, confirm and consummate one or more plans of reorganization
        with respect to the Chapter 11 proceedings and to consummate all of the
        transactions contemplated by one or more such plans of reorganization or
        upon which consummation of such plans may be conditioned;
    --  conditions within the automotive industry, including (i) the automotive
        vehicle production volumes and schedules of our customers, and in
        particular Ford's and Hyundai-Kia's vehicle production volumes, (ii) the
        financial condition of our customers or suppliers and the effects of any
        restructuring or reorganization plans that may be undertaken by our
        customers or suppliers or work stoppages at our customers or suppliers,
        and (iii) possible disruptions in the supply of commodities to us or our
        customers due to financial distress or work stoppages;
    --  general economic conditions, including changes in interest rates and
        fuel prices; the timing and expenses related to internal restructurings,
        employee reductions, acquisitions or dispositions and the effect of
        pension and other post-employment benefit obligations; and
    --  those factors identified in our filings with the SEC (including our
        Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2009).
    The risks and uncertainties and the terms of any reorganization plan
ultimately confirmed can affect the value of our various pre-petition
liabilities, common stock and/or other securities. No assurance can be
given as to what values, if any, will be ascribed in the Chapter 11
proceedings to each of these constituencies. A plan of reorganization could
result in holders of our liabilities and/or securities receiving no value
for their interests. Because of such possibilities, the value of these
liabilities and/or securities is highly speculative. Accordingly, we urge
that caution be exercised with respect to existing and future investments
in any of these liabilities and/or securities. Caution should be taken not
to place undue reliance on our forward-looking statements, which represent
our view only as of the date of this release, and which we assume no
obligation to update.