Winget mulls whether to bid on Venture
DETROIT - Larry Winget still could regain all or part of Venture Holdings Co. LLC.
Creditors last week dropped their objection to Winget bidding on the assets of Venture, which are for sale under bankruptcy bidding rules. The unsecured creditors committee also dropped its objections.
Winget was noncommittal on whether he will, or can, bid on Venture's assets. ``I haven't made any decision,'' he said. ``The company needs a solution. That's my concern right now.''
Fraser, Mich.-based Venture has been in bankruptcy for nearly two years, losing contracts along the way. Venture has sales of about $1 billion.
A sale was proposed last month after U.S. Bankruptcy Judge Thomas Tucker denied a reorganization plan. Winget objected because it would have forced him to contribute other companies he owned to a reorganized company.
PW Eagle decides not to spin off USPoly
EUGENE, ORE. - Pipe firm PW Eagle Inc. of Eugene has canceled its planned spinoff of USPoly Co., the polyethylene pipe segment of its business.
The decision is a result of the tangled business relationship involving PW Eagle, USPoly and W.L. Plastics LLC. Although USPoly owns 23 percent of W.L. Plastics, the two companies also are competitors, following USPoly's September purchase of Uponor Aldyl.
The Securities and Exchange Commission had asked PW Eagle to provide three years of historical financial data for W.L. Plastics, a producer of PE pipe based in Gillette, Wyo. PW Eagle asked for a waiver of that requirement, but SEC turned down the request.
PW Eagle proposed the spinoff in early 2004, prior to the Uponor Aldyl deal.
Bill Spell, chairman of PW Eagle, said the company will be able to spin off USPoly in two years, when W.L. Plastics' financials will not be required for the registration statement.
Spell added that although the spinoff cannot be completed immediately, some of its goals have been achieved: creating a distinct, separate legal entity for the PE assets; and distinct bank debt and a financing structure that is not combined with the PVC business.
Andover seeks union changes, closings
TROY, MICH. - Andover Industries may close three plants and is seeking a court order to change a bargaining agreement with more than 350 employees.
The Troy-based automotive injection molder, which has two plants in Meadville, Pa., and one in Andover, Ohio, had filed in October for Chapter 11 protection with U.S. Bankruptcy Court in Erie, Pa.
On Jan. 31, its lawyers filed a motion seeking a change to its agreement with the Paper, Allied-Industrial, Chemical and Energy Workers' International Union Local 5-490, which represents workers at the plants. The union had rejected changes affecting wages, insurance and pension, vacation and work hours, among other issues.
Lawyer Guy Fustine said in court documents that Andover - which operates under the legal name of Buffalo Molded Plastics Inc. - cannot afford to do business as the contract exists now, and the agreement is making it difficult to sell the operation.
The contract is due to expire March 31.
On Feb. 3, the company sent notices to officials in Ohio and Pennsylvania that the plants would close by March 31 unless the firm finds a new owner.
Zotefoams says it has potential buyer
CROYDON, ENGLAND - Zotefoams plc, a maker of cross-linked polyolefin block foam, is in early discussions with an undisclosed potential buyer, according to the company.
Croydon-based Zotefoams saw its share price on the London Stock Exchange rise sharply after it confirmed in mid-January that it had ``received a very preliminary approach.''
The firm would not identify the third party, but said talks are continuing.
The company has two plants, in Croydon and Florence, Ky. Zotefoams said it expects to post 2004 sales of about £25 million ($47 million).