Appvion cancels auction, to seek approval of $325 million lender bid

By Caroline Salls

Pittsburgh, May 1 – Appvion, Inc. cancelled the auction for substantially all of its assets, saying the only qualified bid it received was the $325 million stalking horse bid from a group of its lenders, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

In addition to paying the purchase price, the stalking horse bidder agreed to assume liabilities related to the assets.

The sale hearing is scheduled for May 14.

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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