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The pre-packaged reorganization of magnesium automotive diecaster Meridian Technologies Inc. has been completed. After just 11 days in creditor protection, the Ontario company announced that its "plan of arrangement" has been implemented and the new organization, Meridian Lightweight Technologies, has been established under the Companies' Creditors Arrangement Act.
All of Meridan's secured lenders and major customers supported the reorganization. The lenders, led by GE Commercial Finance, have provided C$55 million ($54.2 million) of new financing, including a C$30-million ($29.6-million)...