Appvion secures exclusivity extension to complete sale, prepare plan

By Caroline Salls

Pittsburgh, April 18 – Appvion, Inc. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Appvion’s exclusive plan-filing period was extended through May 29 from March 30 and the solicitation period through July 27 from May 29.

The company said its proposed sale process, along with the continued management of its liquidity position and operational performance, has required significant attention and effort.

“With the initial instability created by the Chapter 11 filing behind them and vital components of the sale and marketing process well underway, the debtors need time to complete the sale process, close that transaction and negotiate and prepare a consensual plan of liquidation,” according to the motion.

In addition, the company said it would have a better idea of the claims filed against it after the March 30 deadline for filing of governmental unit claims.

The Appvion debtors are also setting the first administrative claims bar date, “which will allow them to specifically craft a plan that provides for the settlement of administrative claims,” the motion said.

Appvion is an Appleton, Wis., producer of thermal, carbonless, security, inkjet, digital specialty and colored papers. The company filed for bankruptcy on Oct. 1, 2017 under Chapter 11 case number 17-12082.

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