On January 3, 2006, Pliant Corporation (including certain of its US affiliates and three Canadian affiliates) filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code and subsequently obtained recognition orders under section 18(6) of the Companies' Creditors Arrangement Act.
To fund its continuing operations during the reorganization process, Pliant and its US and domestic affiliates obtained an incremental US$70 million debtor in possession financing from General Electric Capital Corporation, as administrative agent, collateral agent and a lender, and Morgan Stanley Senior Funding, Inc., as a lender. All of Pliant's 24 manufacturing and research and development facilities remain open during the restructuring. Pliant's operations in Mexico, Germany and Australia were not included in the filing.
General Electric was represented in-house by Ted Francis, with assistance in Canada from a team at Ogilvy Renault LLP that consisted of Kevin Morley, Andrew Welsh, Mario Forte, Arnold Cohen, John Naccarato and Serge Levy, and in the US by Paul, Hastings, Janofsky & Walker LLP with a team that consisted of Jesse Austin, III, Jessica Royko, Emily Pittman, Jason Hartsough and Kristine Shryock.
To fund its continuing operations during the reorganization process, Pliant and its US and domestic affiliates obtained an incremental US$70 million debtor in possession financing from General Electric Capital Corporation, as administrative agent, collateral agent and a lender, and Morgan Stanley Senior Funding, Inc., as a lender. All of Pliant's 24 manufacturing and research and development facilities remain open during the restructuring. Pliant's operations in Mexico, Germany and Australia were not included in the filing.
General Electric was represented in-house by Ted Francis, with assistance in Canada from a team at Ogilvy Renault LLP that consisted of Kevin Morley, Andrew Welsh, Mario Forte, Arnold Cohen, John Naccarato and Serge Levy, and in the US by Paul, Hastings, Janofsky & Walker LLP with a team that consisted of Jesse Austin, III, Jessica Royko, Emily Pittman, Jason Hartsough and Kristine Shryock.
