Creditors Oppose Pliant Bid To Block Apollo Plan

Law360, New York (July 20, 2009, 4:06 PM EDT) -- Pliant Corp.'s creditors are fighting the bankrupt plastic film and packaging manufacturer's efforts to stay court orders eliminating exclusivity and allowing private equity fund Apollo Management to put forth a competing restructuring plan, claiming that any delay in the proceedings would cause the creditors irreparable harm.

In a motion filed Friday in the U.S. Bankruptcy Court for the District of Delaware, Pliant's official committee of unsecured creditors said the company had not met the “high evidentiary burden” to warrant granting the stay.

“The debtors are trying...
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