We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Meridian Creditors To See Recovery

Law360 (October 24, 2006, 12:00 AM EDT) -- Meridian Automotive Systems Inc. has amended its disclosure statement to win back the support of its unsecured creditors, who had objected to the bankrupt auto parts supplier’s most recent reorganization plan.

According to court documents filed Monday with the U.S. Bankruptcy Court in Wilmington, Del., the unsecured creditors will now get 10%, or up to $2 million, of a litigation trust to be set up once the company emerges from Chapter 11.

Though this is still just a small fraction of the $96 million owed to...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.