Full $24.5M Recovery For Pliant’s Unsecured Creditors

Law360 (March 21, 2006, 12:00 AM EST) -- Unsecured creditors of bankrupt food packaging company Pliant Corp. will receive $24.5 million in a full recovery of claims, according to the company’s Chapter 11 reorganization plan filed late last week, a move that is likely to quell the ire of certain creditors.

The disclosure statement and plan, filed last week in the U.S. Bankruptcy Court for the District of Delaware, stated that while most holders of claims will make full recoveries, certain stockholders—including holders of Series A and Series B preferred stock and common shareholders—will...
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