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.
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