Applied Extrusion gets extension on restructuring agreement

By Jeff Pines

Washington, Oct. 25 - Applied Extrusion Technologies Inc. obtained an agreement extending the beginning of the solicitation date for votes on its pre-packaged Chapter 11 to Nov. 1.

The company's previous extension expired Monday.

As previously announced, the $275 million of 10¾% notes will be exchanged for all the equity of the reorganized company and new senior notes under the proposed restructuring.

The agreement is with Barclays Bank plc, DDJ Capital Management LLC, Post Advisory Group LLC, TCW Shared Opportunity Fund III LP, TCW Shared Opportunity Fund IV LP, TCW Shared Opportunity Fund IVB LP, TCW/PCG Special Situations Partners, LLC, Xerion Partners I LLC and Pequot Capital Management Inc.

Last week, Applied Extrusion obtained a commitment from GE Commercial Finance for a $125 million debtor-in-possession credit facility and a $125 million exit facility. Each consists of a $55 million revolver, a $50 million senior secured term loan and a $20 million last out term loan.

Applied Extrusions is a New Castle, Del.-based maker of polypropylene films used in consumer product labeling and flexible packaging applications.

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