Meridian obtains court approval of exit fee letters, exclusivity extension, modified retiree benefits

By Jennifer Lanning Drey

Eugene, Ore., June 14 - Meridian Automotive Systems Inc. obtained court approval to enter into fee letters with up to three potential exit facility lenders, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, the fees paid to any one potential lender will not exceed $250,000.

The court also approved a two-month extension to Meridian's exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a separate filing made Wednesday.

As request, the company's exclusive plan filing period was extended to July 31 from May 31 and the solicitation period to Sept. 30 from July 31.

In addition, Refco obtained approval to modify certain retiree medical benefits for retirees at its former Centralia, Ill. facility and to settle a lawsuit concern such benefits, according to another filing made Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Meridian, a Dearborn, Mich., supplier of lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers, filed for bankruptcy on April 26, 2005. Its Chapter 11 case number is 05-11168.

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