Panolam Prepackaged Ch. 11 Plan Confirmed

Law360, New York (December 11, 2009, 2:20 PM EST) -- The bankruptcy judge overseeing Panolam Industries International Inc.'s Chapter 11 proceedings has confirmed the company's prepackaged reorganization plan just more than a month after it ducked into court to restructure its laminate manufacturing business.

Following two hearings on Panolam's disclosure statement and prepackaged plan on Thursday, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware found that both proposals warranted her approval.

“The prepackaged plan was proposed with the legitimate and honest purpose of maximizing the value of the debtors' estates...
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