Mexican Paper Giant's Disclosure Statement OK'd

Law360, New York (May 18, 2009, 12:00 AM EDT) -- Paper International Inc., a U.S. subsidiary of bankrupt Mexican newsprint maker Corporacion Durango SAB, has received court approval for its disclosure statement and plan support agreement, paving the way for creditors to vote on a reorganization plan by June 8.

Judge Robert D. Drain approved the proposals in the U.S. Bankruptcy Court for the Southern District of New York on Friday, allowing the debtor to solicit votes for a plan that would fully repay all claims except those held by noteholders.

“We hope that when the...
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