Appleton Paper Firm Appvion Files For Chapter 11 Bankruptcy

An employee-owned paper company in Appleton has filed for Chapter Eleven bankruptcy. Appvion, the former Appleton Papers, reported debts of 445-million dollars in June with assets of 378-million. The company makes carbonless, thermal, and other types of papers. Chapter Eleven allows financially struggling companies to reorganize, and Appvion says it has 85-million dollars in financing commitments from a group of lenders with the first liens on the company. Appleton Papers started in 1907, and its successor firm now has 820 employees in Appleton and 14-hundred total workers with other facilities in Pennsylvania and Ohio.