Orchids Paper DIP Punted As Possible Sale Battle Brews
Law360, Wilmington (June 13, 2019, 6:35 PM EDT) -- Approval of Orchids Paper Products Co.'s Chapter 11 debtor-in-possession financing has been punted to another day to see if a resolution can be reached to thwart another potential battle with unsecured creditors over a $175 million credit bid submitted from a private-equity-backed lender that is serving as stalking horse bidder.
At a hearing in Wilmington Thursday before U.S. Bankruptcy Judge Mary F. Walrath, the lender said parties are working on a possible global resolution to post-petition financing issues. If no agreement is reached, the official committee of unsecured creditors said it intends to potentially challenge private equity-backed Orchids Investment LLC’s credit...
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