The bank debt for bankrupt Venture Holdings has not been able to capitalize on the buyer pressure that has propped most of the names across the bank loan universe. Traders said the name has not changed hands for some time. The paper is quoted in the 541Ž4-567Ž8 context, according to Mark It/LoanX. Prior to filing a disclosure statement in September, the company's bank debt was quoted in the 69-72 range.
The market is waiting to see if Venture Holdings is going to be able to get a plan done sooner rather than later, a person familiar with the bankruptcy case explained. The company has found itself in a difficult situation with its various creditors and other constituencies, particularly Venture Holdings' founder Larry Winget, he added. Currently, the company is trying to force through a reorganization plan that the creditors do not think is fair, he added. Bank debt holders are slated to receive a package including a combination of cash, senior notes and junior notes under the plan of reorganization. Kenneth Anderson, Venture Holdings' cfo, could not be reached