Venture creditors seize 9 Winget companies, force them into Ch. 11

Kosdrosky, Terry
May 2004
Crain's Detroit Business;5/31/2004, Vol. 20 Issue 22, p3
The banks and secured creditors of bankrupt auto supplier Venture Holdings Co. LLC are trying to jumpstart a reorganization with or without founder Larry Winget. The company's pre-Chapter 11 petition lenders, led by Bank One NA, took over and appointed new directors to nine companies outside of Venture that Winget owned. Winget, who no longer holds a position at Venture, is trying to maintain control of his affiliated companies, said his attorney Ralph McKee, a partner at Detroit-based Allard & Fish PC.


Related Articles

  • Creditors turn up heat on Winget. Miel, Rhoda // Plastics News;4/19/2004, Vol. 16 Issue 7, p3 

    Creditors are stepping up pressure on Venture Holdings Co. LLC founder Larry Winget, giving federal officials documents alleging fraudulent financial reports, even as a chief lender moves to foreclose on some Winget properties. Creditors are preparing to sell Venture, but first want to link...

  • Lingering bankruptcy frustrates Venture's stakeholders. Kosdrosky, Terry // Crain's Detroit Business;2/9/2004, Vol. 20 Issue 6, p23 

    The creditors and customers of auto supplier Venture Holdings Co. LLC are getting impatient and worry about the company's health due to several pending issues in Chapter 11 bankruptcy protection. New business is hard to come by while in Chapter 11. The reorganization plan, which hasn't been...

  • Venture creditors will try to stop bankruptcy sale. Kosdrosky, Terry // Crain's Detroit Business;1/31/2005, Vol. 21 Issue 5, p1 

    The article discusses the stoppage of bankruptcy sale of Venture Holdings Co. LLC by its creditors. They will try to halt the proposed sale of the company's assets next week at a hearing in the U.S. Bankruptcy Court in Detroit. Venture's banks and secured lenders want to sell assets of the large...

  • Venture Holdings, creditors square off. Kosdrosky, Terry // Automotive News;10/6/2003, Vol. 78 Issue 6060, p26J 

    The article reports that unsecured creditors of bankrupt automobile supplier Venture Holdings Co. LLC want a trustee to run the company during the proceedings. Venture, of Fraser, Michigan, filed its reorganization plan late last month, and, through its briefs, said the unsecured creditors...

  • Mediation as an Effective Alternative in Bankruptcy Litigation, Part I. Clark, Leif M. // Bankruptcy & Insolvency Litigation;Summer2013, Vol. 18 Issue 4, p12 

    The article deals with the subject of mediation in bankruptcy. Topics discussed are the reasons people avoid it, its effective use and ethical issues, as well as effective advocacy, adversarial process and settlement. Also mentioned are the forces in bankruptcy which include the creditors'...

  • Founder may still bid on bankrupt supplier. Kosdrosky, Terry // Crain's Detroit Business;2/7/2005, Vol. 21 Issue 6, p7 

    This article focuses on Larry Winget who sat in a bankruptcy courtroom last week listening to lawyers argue about how to sell off the auto supplier he founded. But Winget still could regain all or part of Venture Holdings Co. LLC. Creditors dropped their objection to Winget bidding on the assets...

  • Venture's creditors targeting nine other Winget companies. Kosdrosky, Terry; Miel, Rhoda // Plastics News;5/31/2004, Vol. 16 Issue 13, p23 

    The banks and secured creditors of bankrupt automobile supplier Venture Holdings Co. LLC are trying to jump-start a reorganization with or without founder Larry Winget. Lenders led by Bank One NA took over and appointed new directors to nine companies outside of Venture that Winget owned. Those...

  • Winget, creditors spar over Venture reorganization plan. Kosdrosky, Terry // Crain's Detroit Business;6/21/2004, Vol. 20 Issue 25, p4 

    A series of bankruptcy court hearings that run through July 2, 2004 will determine whether creditors of auto supplier Venture Holdings Co. LLC. get their way over owner Larry Winget. Secured and unsecured creditors are at odds with Winget over a revised reorganization plan for Venture, a...

  • Venture suit hinges on financial status when payments were made. Kosdrosky, Terry // Crain's Detroit Business;4/12/2004, Vol. 20 Issue 15, p4 

    Whether Michigan-based Venture Holdings Co. LLC and its creditors committee can recover $314 million they claim companies owned by Larry Winget and family members wrongly took from the auto supplier will depend on Venture's health when those deals occurred. Winget is Venture's founder and sole...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics