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Cambridge Sells Assets, Shifts Focus To Completing Bankruptcy Proceedings

17 July 2000

Cambridge Sells Assets, Shifts Focus To Completing Bankruptcy Proceedings

    MADISON HEIGHTS, Mich. - Cambridge Industries', Inc. Board of Directors 
confirmed today that it has closed on the sale of substantially all of the 
company's assets to Meridian Automotive Systems, Inc. of Dearborn, Michigan.

    This action clears the way for Cambridge to transfer ownership of the
purchased assets to Meridian and to finalize all bankruptcy-related
proceedings.  Cambridge has been operating under bankruptcy protection since
May 10, when the company voluntarily filed petitions under Chapter 11 to
facilitate completion of the sale process.

    Following today's closing, a small core of Cambridge management led by Don
Campion, the company's chief financial officer, will continue to oversee
completion of remaining bankruptcy proceedings, including court-approved
payments of secured and unsecured debt to Cambridge creditors.  It is expected
that most of the bankruptcy proceedings will be completed by the end of the
year.  Pepper Hamilton LLP will continue to serve the estate as bankruptcy
counsel.

    "We are on track to obtain approval of our plan sometime during the 4th
quarter," said Don Campion.  "Following that, we will begin making payments to
each of the various classes of Cambridge creditors in accordance with our plan
and with input from the creditors' committee.  We hope to pay the appropriate
distributions to most of our creditors by yearend."

    Headquartered in Madison Heights, Mich., Cambridge Industries was a Tier 1
plastic composites supplier to the automotive, light and commercial truck, and
industrial products markets with facilities in the U.S., Canada, and South
America.

    Meridian Automotive Systems is headquartered in Dearborn, Mich. and has 13
locations in Michigan, Indiana, Kansas and Tennessee.  Meridian is a leading
supplier of technologically advanced front and rear end modules, signal
lighting, console modules, instrument panels and other interior systems to
Ford, GM, DaimlerChrysler, Toyota and other major Tier 1 parts suppliers.