Portola Files Prepackaged Ch. 11 Plan

Law360, New York (August 28, 2008, 12:00 AM EDT) -- Plastic-bottle-maker Portola Packaging Inc. has filed a prepackaged Chapter 11 plan, citing ballooning prices for plastic resins and previously disclosed accounting irregularities at Chinese subsidiaries among the reasons for its bankruptcy.

Portola and several affiliates filed bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware on Wednesday. The company listed assets of $164 million and liabilities of $268 million.

Portola said that all of its secured lenders and 90 percent of its senior noteholders had agreed to the restructuring, and that it hopes...
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