Business digest

NATION

No agreement reached for Visteon bonus plan

DOVER, Del. — Auto-parts supplier Visteon Inc. has backed off a proposal to pay up to $80 million in bonuses to top executives and other employees, but a revised bonus plan it has filed in bankruptcy court is still generating opposition.

The revised plan proposes key-employee bonuses of up to $8.1 million for the 12 board-elected officers, and up to $3.3 million in long-term incentives for 83 managers. The new plan is supported by the creditors’ committee and an ad-hoc group of term lenders, but the U.S. trustee, the United Auto Workers and International Union of Electrical Workers, has objected.

Exemption sought for retiree health-care trust

WASHINGTON — The Labor Department said Friday it was seeking an exemption to facilitate Chrysler’s move under bankruptcy proceedings to transfer company securities into a new retiree health-care trust.

To help Chrysler Group LLC carry out its plan, the department is seeking an exemption from provisions of a federal law prohibiting such benefit plans from holding large assets in the form of employer securities. The health-care trust would cover 120,000 Chrysler retirees and dependents.

Under the bankruptcy arrangement, the United Auto Workers union is getting a 55 percent stake in the new Chrysler, which will be used to fund its retiree health care obligations.

Associated Press