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Retired employees of Visteon Corp. in the U.S. have filed an appeal in federal court of a federal bankruptcy judge’s decision last month to allow the company to terminate their healthcare and life insurance benefits, reports the Associated Press. Visteon, which filed for Chapter 11 in May, says it cannot afford to pay the benefits, which cost about $31 million last year. The company also seeks to transfer three of its four U.S. pension plans to federal insurer Pension Benefit Guarantee Corp. Last month the bankruptcy judge ordered the U.S. Trustee to give retirees a place on Visteon’s official creditors committee or create a new committee for them. The company is negotiating with its lenders to craft a reorganization plan. A hearing on the plan is slated for Feb. 18.
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