Meridian Creditors To See Recovery

Law360, New York (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 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.