Meridian Automotive agrees with creditors on consensual plan of reorganization

By Caroline Salls

Pittsburgh, June 27 - Meridian Automotive Systems, Inc. reached a consensual agreement with its major creditor constituency classes and will file a third amended plan of reorganization and disclosure statement soon to reflect the new arrangement, according to a company news release.

As a result, Meridian said it asked the U.S. Bankruptcy Court for the District of Delaware to continue the disclosure statement hearing currently scheduled for June 27 until July 17.

"This will enable us to emerge from Chapter 11 in a quick, uncontested and orderly manner," president and chief executive officer Richard E. Newsted said in the release.

Meridian, a Dearborn, Mich., supplier of lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers, filed for bankruptcy on April 26, 2005. Its Chapter 11 case number is 05-11168.

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