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Pliant Strikes Deal With Key Holders

Law360 (June 19, 2006, 12:00 AM EDT) -- Taking another step toward emerging from bankruptcy protection, Pliant Corp. has come to an agreement with representatives of its key classes of bondholders and shareholders.

The film and packaging producer, which filed for Chapter 11 protection on Jan. 3 in the U.S. Bankruptcy Court for the District of Delaware, reached agreement terms that

include a 0.225% increase in the interest rate of existing first-lien notes, a $4 million cash consent fee for second-lien noteholders and a 1.5% increase in the new preferred equity to senior subordinated...
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