Pliant Gets Green Light For Reorganization Plan

Law360, New York (June 23, 2006, 12:00 AM EDT) -- A bankruptcy judge ruled Friday that Pliant Corp. could emerge from Chapter 11 without getting approval from its creditors for its revised plan of reorganization.

U.S. Bankruptcy Judge Mary F. Walrath wrote that without compromise between the parties, costly litigation would likely have complicated the company's ability to come emerge from Chapter 11 successfully.

She also ruled the company’s plan was feasible, and that it is not likely to be followed by further reorganization or liquidation.

Earlier this week, Pliant Corp. announced it had come to...
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