Tuesday, September 26, 2006

Pardus Capital Raises Stake in Visteon (VC) to 14.1%, Recommends Person to Board

In an amended 13D filing with the SEC on Visteon Corporation (NYSE: VC), Pardus Capital disclosed a 14.1% stake (18 million shares) in the auto-parts maker.

Pardus Capital said it continues to engage in discussions from time to time with management, the Board of Directors, other shareholders of Visteon and other relevant parties concerning, among other things, the business, operations, board composition, management, strategy and future plans of the company.

In the context of these discussions, Pardus Capital said it has raised with Visteon the possibility of an individual suggested by them joining the board, and have been informed that the company has taken this matter under advisement.

This morning, Visteon said it does not expect to meet the financial guidance targets announced on Aug. 1, 2006. The company currently expects second half product sales to be about 10 percent lower than first half product sales of $5.7 billion. The company cited reductions to second-half customer production levels, changing vehicle mix, and other cost factors that will challenge the company's financial results for the remainder of 2006. The stock is 5% lower in pre-open action.

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