Appleton, Wis.-based coated paper manufacturer Appvion Inc. has announced that it and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Appvion has obtained a commitment for $85 million in new debtor-in-possession financing and expects to continue operations as usual. We are lowering the corporate credit rating on the company to 'D' from 'CCC'. We are also lowering the issue-level ratings on the company's first-lien term loan to 'D' from 'B-' and on its second-lien secured notes to 'D' from 'CC'. We are also removing these ratings from CreditWatch, where they were placed with developing implications on Aug. 30, 2017, following its disclosure that it had substantial doubt as to its
