Pliant denied 120-day exclusivity extension to continue negotiations

By Caroline Salls

Pittsburgh, July 2 - Pliant Corp.'s motion for a 120-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan was denied Thursday by the U.S. Bankruptcy Court for the District of Delaware.

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

According to the motion, Pliant 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.

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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