Hyundai Supplier Stops Plant Construction - WSFA.com Montgomery Alabama news.

October 10, 2003

Hyundai Supplier Stops Plant Construction

You could say a part of Prattville stopped growing last month when word got out that Venture Industries filed for bankruptcy in March. Venture was the largest of all the tier Hyundai suppliers, promising 600 jobs for Prattville. Today, Mayor Jim Byard admitted the bankruptcy makes him a little nervous, but is confident it's a hurdle Venture can overcome despite listing 900 million dollars in debt.

"It's a hurdle they have to overcome, but we're working on it and I know they're working diligently to try to work this out," says Byard.

The Mayor says even in a worst case scenario the city is protected. Taxpayers would still own the land and not a dime in incentives worth more than a million dollars will be given out until Venture meets certain standards.

"Yes, one of those criteria is to have the plant built and hire people," says Byard.

Hyundai says it has no comment regarding Venture's bankruptcy struggles. Meanwhile, the construction firm that was moving dirt to build the plant says it's been told by Venture 'it'll all work out.'

Reporter: Bryan Henry

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