Judge Signs Off On Pliant, Apollo Ch. 11 Plan

Law360, New York (October 7, 2009, 5:02 PM EDT) -- The bankruptcy judge overseeing the Chapter 11 case of plastics company Pliant Corp. has signed off on a reorganization plan offered by the debtor and creditor Apollo Management VI LP that gives more recovery to first-lien lenders than previously expected.

U.S. Bankruptcy Judge Mary Walrath signed off on the plan Tuesday following a confirmation hearing and voting by first-lien and second-lien lenders and general unsecured creditors over the past few weeks.

The lenders backed the joint plan in whopping numbers, with more than 97 percent of...
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