Meridian Automotive Systems Inc. has withdrawn its application for an initial public offering.
The Dearborn-based firm said Feb. 25 that ``current market conditions do not support a public offering of the company's stock at this time.''
Meridian might arrange a private offering, it said in a letter to the Securities and Exchange Commission.
Meridian registered Aug. 20 for an IPO. It planned to raise as much as $150 million, and another $250 million in bonds to tackle its debt.
The firm specializes in exterior auto body modules.