Apollo Has Better Plan For Bankrupt Pliant: Creditors

Law360, New York (May 7, 2009, 12:00 AM EDT) -- The unsecured creditors of bankrupt plastic film and packaging manufacturer Pliant Corp. are fighting to force the company to consider a rival restructuring plan brought by private equity fund Apollo Management VII Ltd.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, the unsecured creditors criticized the latest reorganization plan and disclosure statement as rife with flaws.

They also asked Judge Mary F. Walrath to postpone a hearing on Pliant's amended disclosure statement and restructuring plan by four to six...
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