ALLEN PARK, Mich., Dec. 29 /PRNewswire/ -- Meridian Automotive Systems, Inc. announced that its Plan of Reorganization, previously confirmed by the United States Bankruptcy Court for the District of Delaware, has become effective today and that Meridian has emerged from Chapter 11. The Company also announced, in connection with their emergence from Chapter 11, it has entered into a $167 million exit financing facility with Deutsche Bank.
Richard E. Newsted, Meridian's President and CEO, said, "This is an exciting day for Meridian Automotive Systems. We are pleased to have successfully completed our restructuring and to emerge as a stronger company with significantly less debt and increased liquidity, two factors which will contribute to our long-term success in the automotive industry. I would like to again thank all of the Meridian associates for their hard work and our valued customers, suppliers and creditors for their unwavering support during our reorganization."
About Meridian Automotive Systems, Inc.
Meridian Automotive Systems is a leading 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.
This news release contains forward-looking statements based on current assumptions and forecasts made by Meridian Automotive Systems management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the company, and the estimates given here. The company assumes no liability to update such forward-looking statements or to adapt to future events or development.