Pliant plan proponent eyes change to first-lien noteholders' treatment

By Caroline Salls

Pittsburgh, Nov. 12 - Pliant Corp. plan of reorganization proponent Apollo Management VI, LP requested court approval to make a "minor modification" to the terms of the company's confirmed plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Apollo said it wants to take advantage of favorable conditions in the capital markets to enhance creditor treatment and reduce the reorganized company's overall cost of capital.

Under the proposed change, first-lien noteholders would receive $350 million in cash, versus a distribution of $100 million in cash and $250 million of new 11½% notes under the confirmed plan.

A hearing is scheduled for Dec. 2.

Pliant, a Schaumburg, Ill.-based producer of value-added film and flexible packaging products, filed for bankruptcy on Feb. 11, 2009. Its Chapter 11 case number is 09-10443.

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