SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Dated March 28, 2004
REGISTRATION NO. 0-32359
MERIDIAN CO., LTD.
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4F, Heungseong Bldg., 197-3, Jamsil-Dong, Songpa-Gu, Seoul, Korea
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Company's telephone number: 82-2-2103-3300 Fax No.: 82-2-2103-3333
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[GRAPHIC OMITTED]
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form 20-F: |X| Form 40-F: |_|
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):
Yes: |_| No: |X|
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):
Yes: |_| No: |X|
Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes: |_| No: |X|
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- __________
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ITEM 5. OTHER EVENTS
On February 27, 2004, Meridian Co., Ltd. ("Meridian" or the "Company") received
an approval for a debt rescheduling plan for a total of $3,589,271 from
Chooncheon District Court, Korea.
A group of creditors of the Company and a representative of the Company agreed
to reschedule the payments on $3,589,271, approximately 68% of the total
outstanding accounts payable of the Company, at a meeting on February 27, 2004.
An application for the rescheduling plan was subsequently filed with Chooncheon
District Court and was approved by the court on the same day.
The group of creditors who agreed to the debt reschedule includes the following:
Woori Bank for $301,375
SMI II ABS Specialty Co., Ltd. for $769,231
Rainbow Specialty Securitization Co., Ltd. for $384,615
Korea Technology Credit Guarantee Fund for $862,177
Small Business Corporation for $230,769
Korea Foreign Exchange Bank for $96,162
Shinhan Bank for $32,008
Of the $3,589,271, $26,323 is secured debt to a financial institution and will
now be repaid over 7 years from 2007 to 2013; the Company is exempt from
interest already accrued, and future obligations are at 3.5% interest per annum.
$626,102 due to financial institutions is unsecured and will be repaid over 5
years from 2006 to 2010. The Company will be exempted from paying interest
already accrued, and the future interest will accrue at the rate of 5% per
annum.
For the accounts payable due to parties other than financial institutions, the
Company will repay the principal over 3 years from January 2005 to December 2007
and will be exempt from paying any interest.
Progress on the execution of the plan will be reported to Chooncheon District
Court, Korea every quarter.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: March 28, 2004 MERIDIAN CO., LTD.
By: /s/
Name: Myeong, Hyeon-Seong
Title: President
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End of Filing