Pliant seeks 120-day exclusivity period extension to continue talks

By Caroline Salls

Pittsburgh, June 11 - Pliant Corp. requested a 120-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Oct. 9 and the solicitation period to Dec. 8.

Pliant said it has been in negotiations with its creditor constituencies, and they need more time to make additional progress toward confirmation of a consensual plan.

The company also cited the size and complexity of its capital structure.

As previously reported, the company's official committee of unsecured creditors asked the court in May to terminate Pliant's exclusivity, but the company said the committee has not provided a basis for termination.

A hearing is scheduled for June 29.

Pliant, a Schaumburg, Ill.-based producer of value-added film and flexible packaging products, filed for bankruptcy on Feb. 11. Its Chapter 11 case number is 09-10443.

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