Meridian Automotive Systems Filing Revised Reorganization Plan

ALLEN PARK, Mich., Aug. 15 /PRNewswire/ -- Meridian Automotive Systems, Inc. today announced that it has decided to amend its current Plan of Reorganization. In light of the difficult current automotive environment the company has concluded that it should emerge from Chapter 11 with less debt and increased liquidity. Meridian is currently discussing the terms of a revised plan of reorganization with its major creditor constituencies as well as the terms of exit financing with certain lenders. Meridian will continue the confirmation hearing on its plan of reorganization, file an amended disclosure statement and plan of reorganization with the Bankruptcy Court and re-solicit its creditors. The company currently expects to close on the exit financing and have the revised plan of reorganization become effective near the end of October 2006.

Richard E. Newsted, Meridian's President and CEO, said, "Given the continued challenges within the industry, while we are focused on exiting Chapter 11 as quickly as practical, the short delay in our emergence will be more than offset by the positive impact of a post-confirmation balance sheet with less debt and increased liquidity. These are two very positive factors that should generate increased customer, supplier and employee confidence and contribute to our long-term success in this industry."

About Meridian Automotive Systems, Inc.

Meridian Automotive Systems is a leading supplier of technologically advanced front and rear end modules, exterior thermoplastics and composites, lighting and interior systems to automobile and truck manufacturers. Meridian operates 20 plants in the United States, Canada and Mexico, supplying Original Equipment Manufacturers and major Tier One parts suppliers.

This news release contains forward-looking statements based on current assumptions and forecasts made by Meridian Automotive Systems management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the company, and the estimates given here. The company assumes no liability to update such forward-looking statements or to adapt to future events or development.


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