The future of auto supplier Venture Holdings Co. LLC will be shaped by the outcome of a court battle between management of the U.S. parent company and its German subsidiary, Peguform GmbH.
A week after members of Peguform's management filed for the German equivalent of bankruptcy protection, Venture executives said the move took them by surprise and is unwarranted, in a filing with the Securities and Exchange Commission on Thursday, June 6.
Venture, of Fraser, Mich., is a private company owned by Larry Winget, but files reports with the SEC because it holds publicly traded bond debt. The company ranks No. 33 on the Automotive News list of top 100 global original-equipment suppliers with sales of $2.75 billion in 2001.
Venture said it expects the German judge to rule against the insolvency petition, which it claimed was improperly filed, according to its SEC filing.
The company has not responded to press inquiries yet because "there is a lot going on," spokeswoman Anna Lisa Winget said on Friday. June 7. She said the company expected to have some public comment sometime this week.