SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported): February 28, 2003
Commission File Number: 333-82617
Michigan Venture Holdings Company LLC 38-3470015
Michigan Vemco, Inc. 38-2737797
Michigan Venture Industries Corporation 38-2034680
Michigan Venture Mold & Engineering Corporation 38-2556799
Michigan Venture Leasing Company 38-2777356
Michigan Vemco Leasing, Inc. 38-2777324
Michigan Venture Holdings Corporation 38-2793543
Michigan Venture Service Company 38-3024165
Michigan Experience Management, LLC 38-3382308
Michigan Venture Europe, Inc. 38-3464213
Michigan Venture EU Corporation 38-3470019
(State or other (Exact name of registrant as (I.R.S. Employer
jurisdiction of specified in its charter) Identification
incorporation or Number)
organization)
33662 James J. Pompo, Fraser, Michigan 48026
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (810) 294-1500
Not Applicable
(Former name or former address, if changed since last report)
Item 9. Regulation FD Disclosure.
We continue to work with Bank One, NA, as administrative agent for our
bank group, together with an informal steering committee for the same bank group
and an informal committee representing a majority of the bondholders for each of
our outstanding series of notes with the goal of restructuring our existing
funded debt. With respect to the trade creditors, we continue to revolve our
trade payables consistent with the terms of the Eighth Amendment, dated as of
October 21, 2002 (the "Eighth Amendment"), to the Credit Agreement, dated as of
May 27, 1999, as amended, among Venture, Bank One and the lenders identified in
the Credit Agreement. We continue to meet the terms of the Eighth Amendment with
respect to cash liquidity and levels of trade credit. With respect to
restructuring the debt under the Credit Agreement and under the 9.5% Senior
Notes due 2005, the 11% Senior Notes due 2007 and the 12% Senior Subordinated
Notes due 2009, negotiations with both the steering committee and agent for our
bank group and the informal committee of bondholders have progressed to the
point where the emphasis is now being placed on discussions with the bondholder
committee. The results of our negotiations are uncertain at this time and the
bondholders retain their rights to accelerate the principal of each series of
notes and exercise other remedies available, including forcing us into an
involuntary bankruptcy.
This report includes a number of "forward looking" statements within
the meaning of the Securities Exchange Act of 1934 and is subject to a number of
risks and uncertainties. Such factors include, among others, the following: our
ability to successfully complete negotiations or to implement our plan for
improvement of our financial condition; satisfaction of the conditions to
forbearance set forth in the Eighth Amendment; international, national and local
political, economic and market conditions; incremental costs, slowed automobile
production or other effects that may occur as a result of possible war or future
terrorist attacks; demographic changes; the size and growth of the automobile
market or the plastic automobile component market; our ability to sustain,
manage or forecast our growth; the size, timing and mix of purchases of our
products; our ability to realize savings from our focus on reducing and
controlling costs; our ability to realize the benefits of general tax reduction
plans; new product development and introduction; existing government regulations
and changes in, or the failure to comply with, government regulations; adverse
publicity; dependence upon original equipment manufacturers; liability and other
claims asserted against us; competition; the loss of significant customers or
suppliers; fluctuations and difficulty in forecasting operating results;
unfavorable currency exchange rates relative to the U.S. dollar; changes in
business strategy or development plans; business disruptions; product recalls;
warranty costs; the ability to attract and retain qualified personnel; the
ability to protect technology; and retention of earnings.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VENTURE HOLDINGS COMPANY LLC
VEMCO, INC.
VENTURE INDUSTRIES CORPORATION
VENTURE MOLD & ENGINEERING CORPORATION
VENTURE LEASING COMPANY
VEMCO LEASING, INC.
VENTURE HOLDINGS CORPORATION
VENTURE SERVICE COMPANY
EXPERIENCE MANAGEMENT LLC
VENTURE EUROPE, INC.
VENTURE EU CORPORATION
Date: February 28, 2003 By: /s/ James E. Butler
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James E. Butler
Executive Vice President
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