Former Appvion reports $23.65 million of net income for June 14-July 1

By Caroline Salls

Pittsburgh, Aug. 9 – Oldapco, Inc., formerly Appvion, Inc., reported $23.65 million of net income for the period of June 14 through July 1 on zero net sales, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

In comparison, the company posted a $438,000 operating loss for the period of April 30 through June 13 on $91.4 million in net sales.

The June results included $29.12 million related to the company’s asset sale.

Oldapco had $10.88 million of cash as of July 1, down from $13.62 million at June 13.

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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