WILMINGTON, Del. -- Meridian Automotive Systems Inc. has filed a reorganization plan that will allow it to emerge from bankruptcy court with an operation similar to one it had when it sought protection under Chapter 11 in April 2005. The Dearborn, Mich., auto supplier still must win approval for its plan, filed March 30 with the U.S. Bankruptcy Court in Wilmington, Del.
The proposal calls for trading existing debt for new equity in the company, selling and leasing back its new plant in Fowlerville, Mich., and selling its interior trim operations. The company specializes in exterior auto parts, such as composite body panels and complete bumper systems.