Meridian Confirms Chapter 11 Plans

Meridian Automotive Systems, Inc. today announced that the United States Bankruptcy Court for the District of Delaware has confirmed the company’s plan of reorganization.
The company’s confirmed plan will become effective after certain conditions are satisfied including closing and funding of a proposed $175 million exit financing facility.
Meridian has already received a fully underwritten commitment letter from Deutsche Bank and Deutsche Bank is currently in the process of finalizing the syndication of the exit financing facility.
Meridian expects that its confirmed plan will become effective by the end of December 2006.
Richard E. Newsted, Meridian’s President and CEO, said, “The Bankruptcy Court’s confirmation of our plan of reorganization is a significant accomplishment for our company. We will emerge as a stronger company with significantly less debt and increased liquidity, two very positive factors which will contribute to our long-term success in the automotive industry.”
Meridian Automotive Systems is a supplier of technologically advanced front and rear end modules, exterior thermoplastics and composites, lighting and interior systems to automobile and truck manufacturers.
Meridian operates 21 primary facilities in the United States, Canada, Mexico and Brazil, supplying original equipment manufacturers and major tier one parts suppliers.