DETROIT -- Meridian Automotive Systems Inc. plans to liquidate its remaining assets under Chapter 7 of the bankruptcy code after already selling most of its business units this summer.
The suburban Detroit supplier of plastic and composite bumper systems, lighting systems, console modules and trim sold more than 11 plants in the months leading up to its Chapter 7 liquidation petition, which was filed Aug. 7.
Meridian sold its operations in Brazil to Citadel Plastics Holdings Inc. in April. It then sold seven plants to Canadian supplier Magna International Inc. in June, followed by the sale of its bumper and lighting systems business to Illinois-based Flex-N-Gate LLC in July for $42.5 million.
Meridan listed total assets of $25.6 million and total liabilities of $204.5 million in its bankruptcy filing, filed Friday in the U.S. Bankruptcy Court in Wilmington, Del.
Meridian is now at least the 18th major U.S. auto supplier to file for bankruptcy protection this year, according to Automotive News research. The figures do not include smaller suppliers or companies that went out of business without seeking court protection.
Phone calls placed to Meridians Allen Park, Mich., headquarters today were not answered.
Meridian emerged from more than a year of Chapter 11 bankruptcy proceedings in December 2006 under the ownership of five New York private equity and hedge funds.
Meridian had grown quickly from 1997 to 2000 through four acquisitions. Those included the purchase of Cambridge Industries Inc. for $337 million, when Cambridge was in Chapter 11 reorganization.
Last year, Meridian posted $500 million in revenue from sales to automakers in North America, according to Automotive News.
Plastics News contributed to this report