Joint Pliant, Apollo Disclosure Statement Approved

Law360, New York (August 18, 2009, 3:05 PM EDT) -- A bankruptcy judge has approved a disclosure statement and voting procedures for a joint plan of reorganization filed by bankrupt plastics company Pliant Corp. and creditor Apollo Management VI LP, adopting most elements of a plan previously offered by Apollo but giving more recovery to first-lien lenders.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware ruled Monday that the disclosure statement, which Apollo and Pliant filed Friday along with their new plan, was adequate and ordered the companies to distribute...
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