Pliant Aims To Gain Creditors' Favor With New Plan

Law360, New York (July 30, 2009, 5:22 PM EDT) -- Pliant Corp. has filed a new Chapter 11 plan in hopes of winning over creditors faced with a competing plan from Apollo Management, offering more recovery for second-lien noteholders and more detail about executive compensation.

In a revised second amended disclosure statement filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, the bankrupt plastic company argued that the new version of its plan was superior to Apollo's.

“[T]he Pliant plan results in a strong capital and governance structure for reorganized Pliant and little...
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