Pliant Gets Interim OK For $75M In DIP Cash

Law360, New York (February 13, 2009, 12:00 AM EST) -- Plastic film and packaging manufacturer Pliant Corp. has won access to $75 million in debtor-in-possession financing along with approval of 11 other first-day motions in its new bankruptcy proceedings.

On Friday, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware gave Pliant interim permission to tap the DIP funds from a group of lenders and fund managers including DDJ Capital Management LLC, WCP LP and Wayzata Opportunities Fund II LP.

The approval came over the objection of an ad hoc committee...
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