Court Allows Rival Plan In Pliant Bankruptcy

Law360, New York (July 6, 2009, 12:00 AM EDT) -- Private equity fund Apollo Management has won the right to put a rival restructuring plan for bankrupt plastic film and packaging manufacturer Pliant Corp. up for a vote by creditors, despite objections from the debtor.

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware signed an order Thursday terminating Pliant's exclusivity period, allowing creditors the opportunity to consider Apollo's reorganization plan. According to court filings, the court made the decision at the conclusion of hearings held June 29 and June 30....
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