Pliant's Senior Lenders Fight Vote On Apollo Plan

Law360, New York (July 29, 2009, 3:21 PM EDT) -- Pliant Corp.'s senior lenders have pushed back at unsecured creditors' and Apollo Management's efforts to go ahead with a vote on Apollo's reorganization plan for the bankrupt plastic company, arguing that the case should be stayed while Pliant appeals the termination of its exclusivity period.

In a reply brief filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, an ad hoc committee of Pliant's first-lien noteholders argued that Apollo and the unsecured creditors were trying to “railroad” the confirmation of their preferred plan...
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