On October 6, 2009, the U.S. Bankruptcy Court for the District of Delaware confirmed the joint reorganization plan proposed by an affiliate of Apollo Management, L.P. and Pliant. As a part of the Plan, Berry is entitled to receive up to 25% of the common equity of Pliant. Berry now also intends to acquire the remaining 75% of the common stock available under the Plan. Berry is currently evaluating its options with respect to financing the equity investment in Pliant. Pliant will remain separately capitalized as an unrestricted subsidiary of Berry.
Ira Boots, Chairman and CEO of Berry Plastics Corporation, stated "Pliant Corporation brings to Berry an important group of customers, employees, manufacturing locations and products. Their film product line enhances Berry's current offering with innovation and broader market appeal. Berry's rigid plastic packaging offering will be extended with the addition of Pliant's flexible packaging. With Berry acquiring Pliant, customers will be better served with a financially strengthened full service company."
