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.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.