Cleaning & Restoration Breaking News

Venturi Files for Chapter 11 Protection

In order to settle litigation and restructure debt, Venturi Technologies Inc. has filed a petition for Chapter 11 Protection.

Denver, Colo. -- Venturi Technologies, Inc. has filed a petition for reorganization under Chapter 11 of the Federal Bankruptcy Code. Venturi had tried and was unable to raise additional equity capital over the past several months and decided that it couldn’t continue its operations without the protection of the bankruptcy laws.

According to President and CEO of Venturi, Michael Dougherty, Venturi received a commitment for $2,000,000 in debtor in possession financing from principal company shareholders and creditors subject to the approval of the Bankruptcy Court. If it’s approved, the loan would enable Venturi to continue normal operations at the same time that it prepares a strategy of reorganization. Venturi also announced that it had reached a tentative agreement to restructure the lease terms for most of Venturi’s operating equipment. The agreement depends on the satisfaction of various conditions in addition to the Court’s approval.

The reorganization process should help the company’s efforts to raise additional equity capital, Venturi stated. The reorganization plan is expected to significantly reduce, if not eradicate, the existing equity interests in the company. Venturi Technologies Inc. offers carpet, upholstery, floor and duct cleaning services utilizing the company’s patented VenturiClean System.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine


2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view