Berry Plastics to buy maker of packaging products

by Jeff Gelski
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EVANSVILLE, IND. – Berry Plastics Corp. intends to acquire in excess of 99.99% of the common stock of Pliant Corp. upon the emergence of Pliant from bankruptcy. Pliant Corp. produces value-added film and flexible packaging products.

The U.S. Bankruptcy Court for the District of Delaware earlier this month confirmed the joint reorganization plan. Berry Plastics is entitled to receive up to 25% of the common equity of Pliant and intends to acquire the remaining 75% of the common stock. Berry Plastics is evaluating its options in financing the equity investment in Pliant.

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