Venture obtains extension of credit facility waiver

New York, Sept. 4 - Venture Holdings Co. LLC said it obtained an extension to the waiver of defaults on its credit facility.

The new waiver covers existing defaults and runs until an insolvency petition filed by some managing directors of the company's German division is terminated either through dismissal, conversion to formal insolvency proceedings or otherwise, according to a filing with the Securities and Exchange Commission.

Venture said the extension is conditional on no additional defaults arising.

The waiver was entered into on Aug. 30 with the lender banks via Bank One, NA as administrative agent.

On May 28 some of the managing directors of the company's German division began insolvency proceedings - an action which the Fraser, Mich.-based parent company is contesting. However the action raised the possibility of a default on the credit facility.

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