Australia’s white paper industry is dead, leaving rural communities to pick through the pulp (theguardian.com)

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.

Ahlstrom-Munksjö expands its platform of durable building applications by launching FibRoc® Ceiling, a new offering of high performance solutions for ceiling applications. Following the launch of Fibroc® Flooring last year, Ahlstrom-Munksjö is pleased to announce the second portfolio launch of Fibroc® Ceiling. The new portfolio consists of a wide range of high performance fiber-based solutions for perforated plasterboard ceilings, mineral wool and wet felt ceilings, as well as perforated wood and metal ceilings. It brings together a wide range of high performance products for ceiling applications, making it easier for business partners to recognize and understand the product benefits. “Our high performance products deliver an excellent level of noise reduction,“ says Pierre Mary, Vice President, Nonwovens. “Delivering acoustic comfort within a room, as well as incorporating fire resistance, while meeting necessary safety standards” he adds.

International Paper Company announced the completion of its previously announced separation and spin-off of its global printing papers business, now operating as Sylvamo Corporation (NYSE: SLVM). Each International Paper shareholder received one share of Sylvamo common stock for every eleven shares of International Paper common stock held on the record date. International Paper continues to own approximately 19.9% of the outstanding shares of Sylvamo common stock. "The spin-off enhances the strategic flexibility and focus for long-term success and value creation at both companies. International Paper is now a highly-advantaged, corrugated packaging-focused company, well-positioned to grow earnings and cash generation," said Mark Sutton, Chairman and Chief Executive Officer. Sylvamo common stock is expected to begin "regular way" trading on the New York Stock Exchange today under the symbol "SLVM" and the CUSIP number 871332 102. The receipt of Sylvamo common stock in the distribution is tax-free to International Paper stockholders for U.S. federal income tax purposes, except for the gain or loss attributable to cash received in lieu of fractional shares of Sylvamo common stock. International Paper shareholders are urged to consult with their tax advisors with respect to the U.S. federal, state and local or foreign tax consequences, as applicable, of the spin-off.