Johnson Controls to buy parts plants from Visteon

Johnson Controls Inc., through an affiliate, has a contract to buy two plants from Visteon Corp. that make parts for Chrysler Group LLC. The price is $17 million.

Locally, Johnson Controls has operations in Arlington Heights, Chicago, Burr Ridge, Sycamore and West Chicago.

The hearing for approval of the sale will occur April 13. Visteon filed a revised reorganization plan this month that won't wipe out unsecured creditors. For details of the plan, under which secured lenders owed $1.63 billion are to have 85 percent of the stock.

Visteon filed for reorganization in May, listing assets of $4.6 billion against debt totaling $5.3 billion.

Sales in 2008 were $9.5 billion, including $3.1 billion to Ford Motor Co. Visteon was spun off from Ford in 2000. Van Buren Township, Michigan-based Visteon at the outset owed $2.7 billion for borrowed money, including $1.5 billion on a secured term loan, $862 million on unsecured bonds and $214 million on other debt obligations.

The case is In re Visteon Corp., 09- 11786, U.S. Bankruptcy Court, District of Delaware (Wilmington).