Former Appvion liquidation plan OK’d by majority of voting creditors

By Caroline Salls

Pittsburgh, Aug. 10 – The plan of liquidation filed by Old Apco, Inc., formerly Appvion, Inc., was accepted by a majority of voting creditors, according to a notice filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

A total of 73 holders, or 97.33% in number, of $203.07 million, or 99% in amount, of second-lien secured note claims voted to accept the plan, while two holders, or 2.67% in number, of $2.05 million, or 1% in amount, of those claims voted to reject it.

In addition, 113 holders, or 89.68% in number, of $202.66 million, or 99.34% in amount, of general unsecured claims voted to accept the plan, while 12 holders, or 10.32% in number, of $1.35 million, or 0.66% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Aug. 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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