Wednesday, February 11, 2009

Pliant Files Bankruptcy, Cannot Find External DIP Investor

Earlier today, maker of film and packaging products, Pliant Corporation, filed for prepackaged bankruptcy, which was not a surprise to anyone following the company. And, despite Aladdin Capital's claims to the contrary, the company was unable to find a 3rd party sourced DIP. The $75 million DIP which comes at L+1200 is provided by existing 1st lien lenders Wayzata and DDJ Capital. The two funds, which have already sunk a lot of cash in the company, will see their existing $400 million 11.85% 1st lien claims equitized. The $250 million second lien piece will receive peanuts, or, in legal jargon, warrants. The latter are needed to agree to the prepack bankruptcy's distribution for it to become effective. Powerhouse of the "6 Months or Less HY Issue-to-Restructuring" process Jefferies is providing value added financial advice, while Sidley Austin and Young Conaway are legal advisors. Sphere: Related Content
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5 comments:

Peatey said...

Amazing that in mid August '08, the 2nd liens were trading at 11x '07 EBITDA. Whocoodanode?

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