UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
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)
April 7, 2010
------------------
(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 13 Pages)
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CUSIP No. 92839U107 SCHEDULE 13D Page 2 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
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 5,218,092
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
5,218,092
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,218,092
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.00%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 3 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Aurelius Capital International, Ltd.
------------- -----------------------------------------------------------------
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
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 6,350,000
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
6,350,000
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,350,000
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.87%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 4 of 13 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|
------------- -----------------------------------------------------------------
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
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 1,131,906
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
1,131,906
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,131,906
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.87%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 5 of 13 Pages
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------------- -----------------------------------------------------------------
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
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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
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 12,699,998
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
12,699,998
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,699,998
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.74%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
------------- -----------------------------------------------------------------
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CUSIP No. 92839U107 SCHEDULE 13D Page 6 of 13 Pages
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------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Mark D. Brodsky
------------- -----------------------------------------------------------------
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
United States
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 12,699,998
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
12,699,998
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,699,998
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES | |
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.74%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 7 of 13 Pages
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ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates 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.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by the entities and persons listed below,
all of whom together are referred to herein as the "Reporting Persons":
(i) Aurelius Capital Partners, LP ("Aurelius Capital Partners"), a
Delaware limited partnership, with respect to the shares of Common Stock owned
through ACP Master, Ltd. ("ACP Master"), a Cayman Islands exempted company that
is a subsidiary of Aurelius Capital Partners and managed by Aurelius Capital
Management;
(ii) Aurelius Capital International, Ltd. ("Aurelius Capital
International"), a Cayman Islands exempted company, with respect to the shares
of Common Stock owned through Aurelius Capital Master, Ltd., a Cayman Islands
exempted company that is a subsidiary of Aurelius Capital International;
(iii) Aurelius Convergence Fund, Ltd. ("Aurelius Convergence Fund,"
and together with Aurelius Capital Partners and Aurelius Capital International,
the "Aurelius Funds"), a Cayman Islands exempted company, with respect to the
shares of Common Stock owned through Aurelius Convergence Master, Ltd., a Cayman
Islands exempted company that is a subsidiary of Aurelius Convergence Fund;
(iv) Aurelius Capital Management, LP ("Aurelius Capital Management"),
a Delaware limited partnership that serves as investment manager to Aurelius
Capital International, Aurelius Convergence Fund and ACP Master, with respect to
the shares of Common Stock owned by Aurelius Capital International, Aurelius
Convergence Fund and ACP Master; and
(v) Mark D. Brodsky, who serves as the Senior Managing Member of
Aurelius Capital Management GP, LLC, which is the general partner of Aurelius
Capital Management, with respect to the shares of Common Stock owned by the
Aurelius Funds.
(b) The address of the principal business office of Aurelius Capital
International and Aurelius Convergence Fund is c/o GlobeOp Financial Services
(Cayman) Limited, 45 Market Street, Suite 3205, 2nd Floor, Gardenia Court,
Camana Bay, West Bay Road South, Grand Cayman KY1-9003, Cayman Islands. The
address of the principal business office of Aurelius Capital Partners, Aurelius
Capital Management and Mark D. Brodsky is 535 Madison Avenue, 22nd Floor, New
York, NY 10022.
(c) The principal business of the Aurelius Funds is investing in
securities. The principal business of Aurelius Capital Management is to act as
the investment manager to Aurelius Convergence Fund, Aurelius Capital
International, ACP Master and other related entities. The principal business of
Mark D. Brodsky is serving as Senior Managing Member of Aurelius Capital
Management GP, LLC and managing the business of the Reporting Persons and their
affiliated entities.
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CUSIP No. 92839U107 SCHEDULE 13D Page 8 of 13 Pages
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(d) None of the Reporting Persons has, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years,
been party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, U.S. federal or state securities laws or
finding any violation with respect to such laws.
(f) The jurisdiction of organization of Aurelius Capital Partners,
Aurelius Capital International, Aurelius Convergence Fund and Aurelius Capital
Management is set forth in Item 2(a) above. Mark D. Brodsky is a United States
citizen.
Schedule A attached hereto sets forth the information regarding the
general partner of Aurelius Capital Partners and Aurelius Capital Management and
the executive officers and directors of Aurelius Capital International and
Aurelius Convergence Fund (collectively, the "Instruction C Persons").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
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 $12,404,781.61.
ITEM 4. PURPOSE OF TRANSACTION
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
Issuer's counsel noting Aurelius Capital Management's opposition to the amended
plan of reorganization (the "Plan") on various grounds, most fundamentally on
the belief that the Plan rests on a valuation of the Issuer that, in Aurelius
Capital Management's and the market's view, is far below the reorganized
Debtors' true value. The letter notes that the Plan provides the holders of the
Issuer's bank and bond debt with consideration, in the form of stock of the
reorganized Debtors, with a value far greater than the amount of their claims.
Aurelius Capital Management noted its belief that the amended disclosure
statement (the "Disclosure Statement") provides grossly deficient disclosure
concerning the total enterprise value and equity value on which the Plan is
predicated. The Aurelius Funds expect to file an objection to the Disclosure
Statement and a response in support of the Creditors' Committee's pending motion
to terminate exclusivity and requested expedited discovery related thereto. The
letter provides that other parties in interest must be permitted to file a
plan of reorganization and that the Issuer's equity holders, in particular,
---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 9 of 13 Pages
---------------------------- ----------------------------
must be permitted to file a plan that gives effect to the Issuer's very
substantial value for old equity.
The Aurelius Funds intend to pursue and prosecute the objection and
response, described above, once filed, and may file related pleadings, respond
to pleadings filed by other parties, discuss the formulation of alternative
plans with other parties, serve and prosecute discovery and respond to the same,
appeal any adverse decisions and respond to any appeals, and more generally
become 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.
In addition, the Aurelius Funds intend to review their respective
investments in the Issuer on a continuing basis and may seek (although they do
not presently plan to do so) to influence or change the Issuer's management,
directors, operations or business, strategy and future plans of the Issuer,
which may include, among other things, discussions of potential strategic
alternatives and other initiatives and transactions that may become available to
the Issuer designed to enhance enterprise, shareholder and/or the Aurelius
Funds' respective investment values, including, without limitation, through
potential discussions with management, directors, the creditors' committee of
the Issuer, bank creditors, other creditors, other shareholders, existing or
potential strategic partners or competitors of the Issuer, industry analysts,
investment and financing professionals and/or other third parties. For the
avoidance of doubt, the Reporting Persons do not have any current intention to
change or influence the control of the Issuer.
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CUSIP No. 92839U107 SCHEDULE 13D Page 10 of 13 Pages
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Such matters and discussions may materially affect, and result in, the Aurelius
Funds modifying their respective investments in the Issuer, exchanging
information with any of such persons pursuant to appropriate confidentiality or
similar agreements or otherwise, working together with any of such persons
pursuant to joint agreements or otherwise, proposing changes in the Issuer's
operations, governance, capitalization or strategic plans, or in proposing or
engaging in one or more other actions set forth under subsections (a) through
(j) of Item 4 of Schedule 13D. Factors that may influence the Aurelius Funds'
actions include, but are not limited to, their view regarding the Issuer's
operations, business strategy, prospects, financial position and/or strategic
direction, the outcome of the discussions and actions referenced herein, actions
taken by the board of directors, actions taken by the creditors' committee of
the Issuer, bank creditors, other creditors, other shareholders or other
persons; developments in the Issuer's bankruptcy case; price levels of the
Common Stock and other securities; subsequent developments affecting the Issuer;
the circumstances applicable to the respective Aurelius Funds (such as
availability of funds, portfolio management, tax and regulatory considerations,
investment objectives, and other investment and business opportunities),
conditions in the securities and debt market, general economic and industry
conditions and other factors that the Aurelius Funds may deem relevant from time
to time.
---------------------------- ----------------------------
CUSIP No. 92839U107 SCHEDULE 13D Page 11 of 13 Pages
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(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 130,324,581 shares of Common Stock outstanding as set forth
in the Annual Report on Form 10-K for the fiscal year ended December 31, 2009
filed by the Issuer on February 26, 2010.
(c) The Aurelius Funds entered into transactions in the Common Stock within
the last sixty days which are set forth on Schedule B. The Aurelius Funds are
the only Reporting Persons to have effected transactions in the Common Stock in
the past sixty days.
(d) No person other than the Reporting Persons is known to have the right
to receive, or the power to direct the receipt of dividends from, or proceeds
from the sale of, such shares of Common Stock.
(e) Not applicable.
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CUSIP No. 92839U107 SCHEDULE 13D Page 12 of 13 Pages
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting
Persons have entered into an agreement with respect to the joint filing of this
statement, and any amendment or amendments hereto, a copy of which is attached
hereto as Exhibit 1.
Except as described above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the Reporting Persons
or between such persons and any other person with respect to any securities of
the Issuer, including but not limited to the transfer or voting of any
securities of the Issuer, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, divisions of profits or
loss, or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following documents are filed as exhibits:
1. Joint Filing Statement Pursuant to Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended.
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CUSIP No. 92839U107 SCHEDULE 13D Page 13 of 13 Pages
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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: April 19, 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/ David Newman
-------------------------------
Name: David Newman By: /s/ David Newman
Title: Chief Operating Officer -------------------------------
Name: David Newman
Title: Chief Operating Officer
AURELIUS CONVERGENCE FUND, LTD. AURELIUS CAPITAL MANAGEMENT, LP
By: Aurelius Capital Management, LP,
solely as investment manager and not
in its individual capacity
By: /s/ David Newman
By: /s/ David Newman --------------------------------
------------------------------- Name: David Newman
Name: David Newman Title: Chief Operating Officer
Title: Chief Operating Officer
/s/ Mark D. Brodsky
-------------------
MARK D. BRODSKY
SCHEDULE A
INFORMATION REGARDING THE INSTRUCTION C PERSONS
The following sets forth the name, citizenship, principal occupation,
position and address of each director and executive officer or general partner
and control person of the applicable Reporting Persons. To the best of the
Reporting Persons' knowledge, none of the Instruction C Persons during the last
five years has been convicted in a criminal proceeding (excluding traffic
violations or other similar misdemeanors) or been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, U.S. federal or state securities laws or finding any violation with respect
to such laws. To the best of the Reporting Persons' knowledge, except as set
forth in this statement on Schedule 13D, none of the Instruction C Persons owns
any shares of Common Stock.
AURELIUS CAPITAL PARTNERS, LP
Aurelius Capital GP, LLC, the General Partner of Aurelius Capital Partners, LP,
is a Delaware limited liability company. Its principal business is acting as the
general partner of Aurelius Capital Partners, LP. Its principal business address
is 535 Madison Avenue, 22nd Floor, New York, NY 10022. Mark D. Brodsky is the
Senior Managing Member of Aurelius Capital GP, LLC.
AURELIUS CAPITAL MANAGEMENT, LP
Aurelius Capital Management GP, LLC, the General Partner of Aurelius Capital
Management, LP, is a Delaware limited liability company. Its principal business
is acting as the general partner of Aurelius Capital Management, LP. Its
principal business address is 535 Madison Avenue, 22nd Floor, New York, NY
10022. Mark D. Brodsky is the Senior Managing Member of Aurelius Capital
Management GP, LLC.
AURELIUS CAPITAL INTERNATIONAL, LTD.
Don Seymour, Aldo Ghisletta and Ronan Guilfoyle serve as the directors of
Aurelius Capital International. Each has a principal business address of dms
House, 20 Genesis Close, PO Box 31910, Grand Cayman, KY1-1208, Cayman Islands.
Each director is a Cayman Islands citizen.
AURELIUS CONVERGENCE FUND, LTD.
Don Seymour, Aldo Ghisletta and Ronan Guilfoyle serve as the directors of
Aurelius Convergence Fund. Each has a principal business address of dms House,
20 Genesis Close, PO Box 31910, Grand Cayman, KY1-1208, Cayman Islands. Each
director is a Cayman Islands citizen.
SCHEDULE B
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CAPITAL PARTNERS DURING THE PAST 60
DAYS
Unless otherwise indicated, all trades were effected in the open market through
brokers.
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)1
------------------- ----------------------- ------------------- ------------------
3/18/2010 30,343 0.7000 N/A
3/18/2010 202,286 0.6900 N/A
3/19/2010 647,624 0.7632 0.74700 - 0.78000
3/22/2010 333,887 0.7427 0.72500 - 0.75000
3/23/2010 44,815 0.7766 0.76000 - 0.80000
3/23/2010 202,784 0.8000 N/A
3/24/2010 53,543 0.7934 0.77000 - 0.80000
3/26/2010 198,506 1.0000 N/A
3/26/2010 198,506 1.0084 1.00000 - 1.01000
3/29/2010 69,207 0.9708 0.96000 - 0.98000
3/30/2010 16,479 0.9900 N/A
3/30/2010 981 0.9900 N/A
3/31/2010 140,506 1.1810 1.16000 - 1.20000
4/6/2010 200,673 0.9994 0.99000 - 1.00000
4/7/2010 580,774 0.9612 0.86100 - 1.02000
4/8/2010 173,277 1.0914 1.06000 - 1.10000
4/8/2010 196,727 1.1000 N/A
4/9/2010 122,458 1.1374 1.10000 - 1.15000
4/12/2010 145,783 1.1425 1.13000 - 1.15000
4/12/2010 74,271 1.1473 1.13000 - 1.15000
4/13/2010 146,372 1.1130 1.08000 - 1.15000
4/14/2010 22,852 1.1500 N/A
4/14/2010 85,465 1.1450 1.10000 - 1.15000
4/15/2010 308,108 1.1350 1.11000 - 1.15000
4/15/2010 192,567 1.1290 1.07000 - 1.15000
4/16/2010 309,013 1.1004 1.07000 - 1.12000
4/16/2010 520,285 1.0986 1.06000 - 1.11000
* Excluding commissions.
----------------------
1 The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These
shares were purchased/sold in multiple transactions at prices between the price
ranges below. The reporting persons will undertake to provide to the staff of
the Securities and Exchange Commission, upon request, full information regarding
the number of shares sold at each separate price.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CAPITAL INTERNATIONAL DURING THE
PAST 60 DAYS
Unless otherwise indicated, all trades were effected in the open market through
brokers.
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)2
------------------- ----------------------- ------------------- ------------------
3/18/2010 37,722 0.7000 N/A
3/18/2010 251,481 0.6900 N/A
3/19/2010 804,924 0.7632 0.74700 - 0.78000
3/22/2010 415,032 0.7427 0.72500 - 0.75000
3/23/2010 55,615 0.7766 0.76000 - 0.80000
3/23/2010 251,652 0.8000 N/A
3/24/2010 154,095 0.7934 0.77000 - 0.80000
3/26/2010 256,405 1.0000 N/A
3/26/2010 256,405 1.0084 1.00000 - 1.01000
3/29/2010 89,505 0.9708 0.96000 - 0.98000
3/30/2010 21,281 0.9900 N/A
3/30/2010 1,267 0.9900 N/A
3/31/2010 211,059 1.1810 1.16000 - 1.20000
4/6/2010 262,388 0.9994 0.99000 - 1.00000
4/7/2010 755,100 0.9612 0.86100 - 1.02000
4/8/2010 227,243 1.0914 1.06000 - 1.10000
4/8/2010 257,996 1.1000 N/A
4/9/2010 160,373 1.1374 1.10000 - 1.15000
4/12/2010 190,844 1.1425 1.13000 - 1.15000
4/12/2010 97,227 1.1473 1.13000 - 1.15000
4/13/2010 194,162 1.1130 1.08000 - 1.15000
4/14/2010 74,199 1.1500 N/A
4/14/2010 277,506 1.1450 1.10000 - 1.15000
4/15/2010 420,452 1.1350 1.11000 - 1.15000
4/15/2010 262,783 1.1290 1.07000 - 1.15000
4/16/2010 135,367 1.1004 1.07000 - 1.12000
4/16/2010 227,917 1.0986 1.06000 - 1.11000
* Excluding commissions.
----------------------
2 The price reported in the column Price Per Share ($)* is a weighted average
price if a price range is indicated in the column Price Range ($). These shares
were purchased/sold in multiple transactions at prices between the price ranges
below. The reporting persons will undertake to provide to the staff of the
Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price.
TRANSACTIONS IN THE COMMON STOCK BY AURELIUS CONVERGENCE FUND DURING THE PAST 60
DAYS
Unless otherwise indicated, all trades were effected in the open market through
brokers.
Date of Transaction Shares Purchased (Sold) Price Per Share ($)* Price Range ($)3
------------------- ----------------------- ------------------- ------------------
3/18/2010 6,935 0.7000 N/A
3/18/2010 46,233 0.6900 N/A
3/19/2010 147,452 0.7632 0.74700 - 0.78000
3/22/2010 76,081 0.7427 0.72500 - 0.75000
3/23/2010 10,070 0.7766 0.76000 - 0.80000
3/23/2010 45,564 0.8000 N/A
3/24/2010 7,362 0.7934 0.77000 - 0.80000
3/26/2010 45,089 1.0000 N/A
3/26/2010 45,089 1.0084 1.00000 - 1.01000
3/29/2010 15,788 0.9708 0.96000 - 0.98000
3/30/2010 4,240 0.9900 N/A
3/30/2010 252 0.9900 N/A
3/31/2010 35,683 1.1810 1.16000 - 1.20000
4/6/2010 44,939 0.9994 0.99000 - 1.00000
4/7/2010 124,126 0.9612 0.86100 - 1.02000
4/8/2010 39,880 1.0914 1.06000 - 1.10000
4/8/2010 45,277 1.1000 N/A
4/9/2010 28,669 1.1374 1.10000 - 1.15000
4/12/2010 33,373 1.1425 1.13000 - 1.15000
4/12/2010 17,002 1.1473 1.13000 - 1.15000
4/13/2010 33,466 1.1130 1.08000 - 1.15000
4/14/2010 2,949 1.1500 N/A
4/14/2010 11,029 1.1450 1.10000 - 1.15000
4/15/2010 71,440 1.1350 1.11000 - 1.15000
4/15/2010 44,650 1.1290 1.07000 - 1.15000
4/16/2010 55,620 1.1004 1.07000 - 1.12000
4/16/2010 93,648 1.0986 1.06000 - 1.11000
* Excluding commissions.
----------------------
3 The price reported in the column Price Per Share ($)* 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.
EXHIBIT 1
JOINT FILING STATEMENT
PURSUANT TO SECTION 240.13D-1(K)
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D shall be filed on behalf of each of
the undersigned without the necessity of filing additional joint filing
statements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning him, her or it contained therein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other entities or persons, except to the extent that he, she or it knows or has
reason to believe that such information is inaccurate.
Dated: April 19, 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/ David Newman
-------------------------------
Name: David Newman By: /s/ David Newman
Title: Chief Operating Officer -------------------------------
Name: David Newman
Title: Chief Operating Officer
AURELIUS CONVERGENCE FUND, LTD. AURELIUS CAPITAL MANAGEMENT, LP
By: Aurelius Capital Management, LP,
solely as investment manager and not
in its individual capacity
By: /s/ David Newman
By: /s/ David Newman --------------------------------
------------------------------- Name: David Newman
Name: David Newman Title: Chief Operating Officer
Title: Chief Operating Officer
/s/ Mark D. Brodsky
-------------------
MARK D. BRODSKY