DETROIT -- A turnaround team plans to give Venture Holdings Co. LLC a fresh start as it prepares to emerge from Chapter 11 reorganization.
Banks that had made loans to the injection molder before its 2003 Chapter 11 filing were the lone bidders for the assets of the company in U.S. Bankruptcy Court in Detroit last month.
The management team selected by the banks is led by Eugene Davis, former chairman of the executive committee for battery maker Exide Technologies Inc. and founder and chairman of turnaround firm Pirinate Consulting Group LLC of Livingston, N.J.
Davis now is Venture's chairman and interim CEO. Kirk Aubry, a former executive at Textron Automotive Co. Inc., will be COO. Christopher Smith, former CEO of Venture's Deluxe Engineering unit, will be CFO.
Venture's new owners are putting together a plan that will keep the company a manufacturing entity. The company makes plastic injection-molded components and bumper fascia.
The new owners also moved the company's headquarters from Fraser, Mich., to nearby Sterling Heights.