Law360, New York (April 3, 2006, 12:00 AM EDT) -- Taking the next step in its Chapter 11 proceedings, beleaguered Meridian Automotive Systems Inc. this week filed a reorganization plan that proposes giving prepetition first-lien debtholders—Camulos Master Fund LP, DK Acquisition Partners LP and Stanfield Capital Partners LLC—an 88% recovery in cash.
The auto parts supplier’s debtholders have yet to approve the plan. If they vote not to approve it, they will receive a 30% cash recovery and new notes.
Meridian's second-lien debtholders, however, will receive new equity for their claims and possibly the right to...
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.