WILMINGTON, Del.—Financially ailing auto parts manufacturer Visteon Corp. has proposed jettisoning underfunded pension plans as part of its plan to emerge from bankruptcy.

The Pension Benefit Guaranty Corp., which would take over the plans, said the three plans sponsored by Van Buren, Mich.-based Visteon are underfunded by about $544 million. The PBGC would be liable for about $444 million in unfunded guaranteed benefits.

The plans have about 21,000 participants.

Visteon filed its proposal Thursday in U.S. Bankruptcy Court in Wilmington, Del.