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Despite Battle, Meridian Lands Extension

Law360 (April 11, 2006, 12:00 AM EDT) -- Much to the chagrin of its creditors, embattled Meridian Automotive Systems Inc. has scored an extension of the exclusivity period for its recently filed reorganization plan, allowing the auto parts supplier to retain control over its Chapter 11 proceedings.

U.S. Bankruptcy Judge Mary Walrath of the Delaware bankruptcy court approved the request this week, giving the beleaguered auto parts supplier until July 31 to solicit creditor support for the proposal.

The extension bars other parties from filing competing plans, thwarting recent creditor attempts to wrest control...
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