Venture Holdings Company LLC Files Chapter 11 Bankruptcy

FRASER, Mich., March 29 -- Venture Holdings Company, LLC, the worldwide manufacturer and supplier of automotive components and systems, filed a petition for Chapter 11 reorganization yesterday in the United States Bankruptcy Court, Eastern District of Michigan.

Larry Winget announced that the company's board of directors, at his request, appointed Joseph C. Day as the company's CEO. Mr. Day, a director of the company since January 2003, is assuming operating responsibility for Venture's U.S. and foreign operations. James Butler, CFO and general counsel, will remain in those capacities and will focus on banking, treasury, restructuring and legal matters.

"We are filing for Chapter 11 protection as a vehicle to restructure Venture Holdings' debt in response to events at our European operations that have severely affected our liquidity" said Mr. Day. "This action is in the best interests of our customers, employees and creditors, as it will enable Venture to continue to operate as usual in all respects, while we complete the restructuring which will lead to a better and stronger company. We continue to have an outstanding business here in North America as well as in our other foreign operations and are meeting our customers' delivery and quality expectations daily; while at the same time winning many new orders."

Because of the extensive discussions conducted by Venture Holdings with its lenders and bondholders prior to the filing, the company anticipates that it will be able to file a plan of reorganization in the very near future and proceed to obtain the required approvals as soon as practical.