Auto supplier Visteon Corp. took steps Friday that will allow some of its current shareholders to sell as much as $2.94 billion in stock.
The company, which emerged from Chapter 11 bankruptcy protection earlier this month, filed a registration statement with the Securities and Exchange Commission that would allow the shareholders to sell nearly 47 million shares of common stock without restrictions. The company pegged the value of each share at a maximum price of $62.50 apiece. Visteon shares currently trade on the Over-the-Counter Bulletin Board, an electronic quotation service. The shares closed Friday at $60.75.
Visteon said it will not receive any proceeds from any potential share sales and that it does not expect to pay out dividends on its common stock for the foreseeable future.
Registering the shares with the SEC will allow existing shareholders to trade the shares more freely, said Visteon spokesman Jim Fisher. Currently there are restrictions on them, he said.
The Van Buren Township, Michigan-based company exited Chapter 11 with $2 billion in debt wiped from its balance sheet after more than a year in bankruptcy court.
The company is a former parts unit of Ford Motor Co. that was spun off in 2000. Ford is still its largest customer.