Pliant solicits consents to eliminate some cash payments on 11 1/8% notes

New York, April 11 - Pliant Corp. said it has begun a consent solicitation to eliminate some cash interest payments from its 11 1/8% senior secured discount notes due 2009.

The Schaumburg, Ill., manufacturer of films and flexible packaging said it is seeking to pay interest in the form of additional notes from 2007 through maturity instead of starting cash payments in 2007.

Pliant will also increase the interest rate and redemption prices for notes on which it receives consents.

The amendment will also eliminate substantially all the restrictive covenants in the indenture of notes for which the company does not receive consents.

Pliant will pay a consent fee to holders who consent by midnight ET on April 21. The solicitation ends at midnight ET on May 5.

Completion of the solicitation is subject to Pliant receiving consents from holders of at east 66 2/3% of the notes and also consents from its credit facility lenders.

MacKenzie Partners, Inc. is information agent (800 322-2885).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.