Venture files Chapter 11 protection

Venture Holdings Co. LLC has filed for Chapter 11 bankruptcy protection in a U.S. court, according to a report in the Detroit Free Press. The report said the action was part of a broader reorganization plan intended to bring in new leadership and buy time in order to salvage the company.
Venture has more than $400 million in long-term debts, despite posting more than $1 billion dollars in sales in 2002. The company produces a variety of injection molded interior and exterior parts and is a major supplier of bumper fascias in Europe and North America. It employs about 13,000 people worldwide, and has one Canadian-based facility in Wallaceburg, ON.
Venture announced executive Joe Day will be named the new CEO of the company, while Larry Winget, one of the company’s founders and its former CEO, will remain in capacity of chairman. Winget will retain ownership of about 70% to 75% of the company under the proposed bankruptcy plan, according to the report. Venture and its creditors worked collaboratively to structure the bankruptcy plan.