Peguform GmbH, the European subsidiary of interior supplier Venture Industries Corp., has filed for the equivalent of Chapter 11 bankruptcy protection for its German operations.
The court-appointed trustee for the case is scheduled to meet with representatives from DaimlerChrysler AG, Porsche AG, Volkwagen AG and BMW AG in Frankfurt on Tuesday, June 4, to work out details of the automakers providing more than $1 million in support for the supplier, Peguform said at a press conference Friday, May 31.
About 5,500 employees are affected by last week's filing, according to Automobilwoche, a German-language sister publication of Automotive News. Peguform, which supplies interior trim and exterior components such as bumper beams, has seven sites in Germany, including headquarters in Boetzingen. Production is continuing at the plants.
Executives of Venture, of Fraser, Mich., would not explain the situation at Peguform.
"The situation in Europe is under review," said Michael Alexander, Venture's CFO, in a telephone interview Wednesday, May 29.