Pliant Files Prepackaged Ch. 11 Plan

Law360 (February 11, 2009, 12:00 AM EST) -- Overburdened with loans and unable to refinance, Pliant Corp., a maker of plastic film and packaging, has again filed a prepackaged Chapter 11 plan, seeking to eliminate $674 million of long-term bonds and swap first-lien notes for new equity.

Under the prepackaged Chapter 11 plan, filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, roughly $400 million in first-lien notes set to mature this year will be exchanged for 100 percent of new Pliant stock, and existing equity holders will be left empty-handed....
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