Harbinger, with a 25.3% stake in Pliant, could become active

By Lisa Kerner

Charlotte, N.C., June 2 - Investors led by Harbinger Capital Partners Master Fund I, Ltd. reported a 25.3% stake in Pliant Corp. in a schedule 13D filed with the Securities and Exchange Commission.

Harbinger and its affiliates reserve the right to be in contact with members of Pliant's management, members of its board of directors, other significant shareholders and others regarding alternatives that the company could employ "to significantly increase shareholder value," the filing said.

The investors beneficially own 84,589 shares of the company.

Pliant is a Schaumburg, Ill.-based producer of value-added film and flexible packaging products.

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