U.S.-based paper manufacturer Appvion Operations Inc., formerly known as Appvion Inc., has completed the sale of substantially all of its assets to a group of its lenders. We are assigning our preliminary 'B+' issue-level rating to Appvion's proposed $105 million senior secured first lien term loan. At the same time, we are affirming our 'D' corporate credit rating on Appvion Operations Inc. We expect to raise the corporate credit rating on Appvion to 'B' from 'D' when the reorganization plan is confirmed by the U.S. Bankruptcy Court in August 2018. On June 14, 2018, S&P Global Ratings assigned its preliminary 'B+' issue-level rating to the company's proposed $105 million senior secured first-lien term loan due 2026. Our preliminary recovery rating
