DETROIT -- Meridian Automotive Systems Inc. says it is on schedule to emerge from Chapter 11 protection by fall.
The auto parts supplier said last week that it has reached agreements with its major creditor groups. It plans to file an amended reorganization plan soon in U.S. Bankruptcy Court in Delaware.
Meridian Automotive, of Allen Park, Mich., filed for Chapter 11 protection April 26, 2005. The company been hurt by price increases for steel and plastic and by pricing pressures from its automotive customers.
Meridian says it has revamped its management team, closed several plants, reduced its employee count and addressed pricing issues with customers. The reorganization plan must be voted on by creditors and approved by a bankruptcy judge.