Ahlstrom-Munksjö Financial Statements Release 2020: Strong Result Improvement and Cash Flow

Daniel Dejan, Print & Creative Manager at Sappi North America, will receive PINE’s highest honor, the Industry Influencer Award, at the association’s annual Industry Awards Gala, on Tuesday, April 10 at Mechanics Hall, Worcester, MA. The Industry Influencer Award, sponsored by Heidelberg since 2003, honors the contributions of an individual whose vision and energy have impacted our industry in a profound and indelible way. It recognizes the entrepreneurial spirit and foresight to create new business models, develop market-shifting technologies and improve our industry in a permanent and sustained manner.

Appvion, Inc. announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to facilitate a balance sheet restructuring and better position the business for long-term growth and success. The Company expects to continue operations as usual and has obtained a commitment for $85 million in new debtor-in-possession ("DIP") financing from a group of its first lien lenders. Subject to Bankruptcy Court approval, this DIP financing, combined with cash generated by the Company, is expected to provide more than adequate liquidity to support ongoing operations during the process. "We thoroughly explored various alternatives to address our debt and have been engaged in constructive discussions with our lenders regarding sponsorship of a plan to delever the Company and enhance our liquidity," said Kevin Gilligan, Chief Executive Officer of Appvion. "While those discussions are active and continuing, we determined that pursuing a restructuring through Chapter 11 is the best path forward for Appvion and our stakeholders. We believe this process will result in a sustainable capital structure for our business." Click Read More below for additional detail.

As we look to celebrate our 90-year anniversary in 2021, we will be going back to our roots to focus on what we do best: making the most enduring and beautiful papers in the world. In that spirit, the Mohawk management team is committed to reshaping our business to meet the evolving needs of the market to ensure sustainable and profitable growth. Mohawk will refocus our product portfolio leading with beautifully crafted & differentiated products that have defined Mohawk for decades. Effective immediately, we will begin to phase out and discontinue the sales and marketing efforts for: • Mohawk Specialty Digital portfolio which includes all Polyesters, PVC, Synthetic Paper, and PaperTyger® products • Chromolux portfolio from Zanders • Mohawk Everyday Digital Gloss & Silk • Mohawk Loop Silk Coated • Mohawk ProPhoto • And a number of slow-moving items for both paper and envelopes. Contact your Midland Paper, Packaging & Supplies sales professional for additional information.