Appvion approved to obtain $100 million in additional DIP financing

By Caroline Salls

Pittsburgh, March 29 – Appvion, Inc. received court approval to refinance existing term loan obligations and obtain additional loans by entering into senior debtor-in-possession loans with a total principal amount of $100 million, plus payment-in-kind interest, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Appvion said in the financing motion that it needs additional liquidity to fund operations through its sale process and closing.

Wilmington Trust, NA is the DIP financing agent.

The DIP loans will mature nine months from closing of the original financing agreement.

Appvion is an Appleton, Wis., producer of thermal, carbonless, security, inkjet, digital specialty and colored papers. The company filed bankruptcy on Oct. 1 under Chapter 11 case number 17-12082.

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