Pliant committee members granted court OK to trade company securities

By Caroline Salls

Pittsburgh May 17 - Pliant Corp.'s official committee of unsecured creditors obtained court approval allowing members to trade in the company's equity securities upon establishment of an ethical screening wall, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The ethical screening wall keeps committee members who trade the company's securities from misusing non-public information obtained from performance of committee-related activities and prevents committee personnel from receiving securities trading information before the trade is completed.

Pliant, a Schaumburg, Ill., producer of film and flexible packaging products, filed for bankruptcy on Jan. 3. Its Chapter 11 case number is 06-10001.

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