New Delaware Chapter 11 Filing – Appvion, Inc.
Appvion, Inc., a manufacturer of specialty, high value added coated paper products headquartered in Appleton, Wisconsin, has, along with five of its affiliates and subsidiaries, filed a petition for relief in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12082). The petition reports $413,430,904 in assets and $714,758,194 in liabilities. According to the First Day Declaration, Appvion’s filing was caused by negative industry trends and an unsustainable debt overhang, and Appvion intends to pursue a balance sheet restructuring. Appvion has also filed a motion to approve $85 million in debtor-in-possession financing from a group of its first lien lenders. Prime Clerk LLC is the proposed claims and noticing agent. The case has been assigned to the Honorable Kevin J. Carey.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.