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Venture Holdings' hearings to restart July 30 unless issues settled before
By Jeff Pines
Washington, July 21 - Venture Holdings Co. LLC's consolidated hearing on the termination of an agreement, a settlement and plan confirmation are scheduled to restart on July 30 unless the major issues can be resolved at a July 26 meeting, the company said in a Wednesday 8-K filing with the Securities and Exchange Commission.
The parties have agreed to "facilitation" of their disputes and the July 26 meeting is part of that process, according to the filing.
In April, Bank One NA as agent for the auto parts company's debtor-in-possession lenders sued entities controlled by Larry Winget for $300 million plus interest. The Winget Trust is Venture's sole shareholder.
It alleged Winget directed the company to enter into transactions with Winget-controlled entities for which Venture received "little to no consideration", the company said in previous 8-K SEC filings. Venture is suing Winget controlled, or affiliated entities, too.
Venture Holdings' reorganization plan, which each of the creditor classes approved, is based on a contribution agreement with Larry Winget. The agreement calls for the Winget entities to transfer all of their assets and equity to Venture Cos. LLC, a company to be formed. In the company's reorganization plan, it noted Winget thought the plan was not confirmable. He decided to terminate the contribution agreement on May 25.
The court has been holding hearings on Winget's decision and on a settlement between the company's steering committee and creditors' committee.
Venture Holdings filed for bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Michigan. Its Chapter 11 case number is 03-48939.
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