U.S.-based paper manufacturer Appvion Operations Inc.'s reorganization plan has been confirmed by the U.S. Bankruptcy Court and it has emerged from bankruptcy. We are raising our issuer credit rating on Appvion Operations Inc. to 'B' from 'D'. At the same time, we are assigning our 'B+' issue-level rating to Appvion's $105 million senior secured first-lien term loan. The stable outlook reflects the material reduction in debt related to the company's bankruptcy restructuring and our expectation of EBITDA of about $35 million for 2018 improving to about $50 million in 2019 based on rising thermal paper volumes and lower chemical input costs. On August 27, 2018, S&P Global Ratings raised its issuer credit rating on Appleton, Wis.-based Appvion Operations Inc. to
