Judge Gives Thumbs Up To Pliant Insurance Deals

Law360, New York (August 20, 2009, 3:16 PM EDT) -- Just days following approval of a disclosure statement and voting procedures for Pliant Corp., a bankruptcy judge has signed off on the beleaguered plastics company's bid for renewed insurance premium finance arrangements with Afco Credit Corp.

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware on Wednesday approved Pliant's motion to enter into the arrangements with Afco and to make whatever changes necessary to the agreements without additional court approval.

In exchange, the judge granted Afco a first-priority security interest in the...
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