PaperWorks Industries, Inc. Announces Agreement on Comprehensive Deleveraging and Recapitalization
Thursday, December 21, 2017 1:00 pm
BALA CYNWYD, Pennsylvania (News release) -- On December 20, 2017, PaperWorks Industries, Inc. and certain of its affiliates (collectively, the "Company") and five (5) holders of the Company's 9.500% Senior Secured Notes due 2019 (the "Notes"), holding approximately 87% of the outstanding Notes (the "Ad Hoc Group"), entered into a restructuring support agreement (the "RSA") regarding a comprehensive financial restructuring of the Company's debt and equity structure. Among other things, the proposed restructuring will reduce the Company's long term debt by approximately $275 million, which represents approximately 70% of the Company's funded indebtedness, through a repayment of the Company's existing ABL credit facility and an exchange of the Notes for new debt and new common equity in the reorganized Company. Under the RSA, the Company's pro forma capital structure will consist of a $115 million post-restructuring financing facility, inclusive of $70 million of new capital back stopped by the Ad Hoc Group. **** EMPLOYMENT OPPORTUNITY: We are a large automation company that has a line of consistency transmitters, sample valves and sheet break detectors that are marketed through a rep. network. We are seeking someone with a strong background in consistency control to facilitate start-ups, provide troubleshooting and technical advice. The individual should have experience in all major types of consistency measurement technologies (blade, rotary, microwave and optical). Knowledge of sheet break detection technology is desirable as well. Willingness to travel to paper production facilities across the US is a must. **** Jim Thompson is back again...with a new book on a taboo subject: the personalities in the pulp & paper industry. Jim has written in the past on many subjects based on his four plus decades in the worldwide pulp and paper industry. This new book is packed full of information valuable to the senior member of the industry as well as the recent entrant. A must for every pulp and paper library.
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