UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  -------------

                                  SCHEDULE 13D
                                 (Rule 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*


                               Visteon Corporation
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                                (Name of Issuer)

                     Common Stock, par value $1.00 per share
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                         (Title of Class of Securities)

                                    92839U107
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                                 (CUSIP Number)


                             Mr. Joseph R. Thornton
                         Pardus Capital Management L.P.
                     1001 Avenue of the Americas, Suite 1100
                            New York, New York 10018
                                 (212) 719-7550


                                 With a copy to:

                              Marc Weingarten, Esq.
                            Schulte Roth & Zabel LLP
                                919 Third Avenue
                            New York, New York 10022
                                 (212) 756-2000
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                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  May 22, 2006
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             (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.





                         (Continued on following pages)

                               (Page 1 of 4 Pages)

--------------------------

* 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).





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CUSIP NO.      92839U107              SCHEDULE 13D         PAGE 2 OF 4 PAGES
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    1       NAME OF REPORTING PERSON
            I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

                                Pardus Capital Management L.P. (34-2037131)
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    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*       (a) [ ]
                                                                    (b) [ ]
            Not Applicable
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    3       SEC USE ONLY

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    4       SOURCE OF FUNDS*

            AF
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    5       CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
            ITEMS 2(d) or 2(e)                                         [ ]

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    6       CITIZENSHIP OR PLACE OF ORGANIZATION

            United States
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               7      SOLE VOTING POWER

                      11,800,000
                      -------------------------------------------------------
 NUMBER OF     8      SHARED VOTING POWER
  SHARES
BENEFICIALLY           -0-
  OWNED BY            -------------------------------------------------------
    EACH       9      SOLE DISPOSITIVE POWER
 REPORTING
PERSON WITH           11,800,000
                      -------------------------------------------------------
               10     SHARED DISPOSITIVE POWER

                      -0-

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    11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

            11,800,000

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    12      CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
            CERTAIN SHARES*
                                                                        [ ]
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    13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

            9.2%
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    14      TYPE OF REPORTING PERSON*

            IA
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                     * SEE INSTRUCTIONS BEFORE FILLING OUT!





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CUSIP NO.      92839U107              SCHEDULE 13D         PAGE 3 OF 4 PAGES
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The Schedule 13D filed on May 1, 2006 by Pardus Capital Management L.P., a
Delaware limited partnership ("PCM"), relating to the shares of common stock,
$1.00 par value (the "Shares"), of Visteon Corporation (the "Issuer"), is hereby
amended by this Amendment No. 1 to the Schedule 13D.


ITEM 3.     SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

         Item 3 is hereby amended and restated as follows:

     All of the funds used to purchase the Shares described in this Schedule 13D
came from the working capital of the Fund. A total of approximately $62,635,683
was paid to acquire such Shares.

ITEM 5.     INTEREST IN SECURITIES OF THE ISSUER

         Item 5, paragraphs (a) through (c) of the Schedule 13D are hereby
amended and restated as follows:

     (a) The Reporting Persons beneficially own 11,800,000 Shares, constituting
approximately 9.2% of the Shares outstanding.

     The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 127,982,626 Shares outstanding, which is the total number
of Shares outstanding as of April 30, 2006 as reported in the Issuer's Quarterly
Report on Form 10Q filed with the Securities and Exchange Commission on May 10,
2006.

     (b) PCM possesses sole power to vote and direct the disposition of all of
the Shares held by the Fund. Thus, as of the close of business on May 22, 2006,
the Reporting Persons may be deemed to beneficially own 11,800,000 Shares, or
9.2% of the Shares deemed issued and outstanding as of that date.

     (c) The following transactions in the Shares were effected since PCM's most
recent filing on Schedule 13D, each of which was effected in open market
transactions.

Pardus European Special Opportunities Master Fund L.P.

Trade Date        Shares Purchased (Sold)     Price per Share ($)
----------        -----------------------     -------------------
5/12/06           1,000,000                   7.3018
5/17/06             250,000                   7.0906
5/22/06             550,000                   6.9486





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CUSIP NO.      92839U107              SCHEDULE 13D         PAGE 4 OF 4 PAGES
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                                   SIGNATURES

     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:  May 23, 2006


                                              /s/ Karim Samii
                                              ------------------------------
                                              Karim Samii, in his capacity
                                              as the sole member of Pardus
                                              Capital Management LLC, the
                                              sole general partner of Pardus
                                              Capital Management L.P.