The Official Committee of Unsecured Creditors of Appvion, Inc., a manufacturer of specialty coated paper products, has hired Lowenstein Sandler as legal counsel in its Chapter 11 bankruptcy proceedings. With over $734 million of debt, the Debtors attribute the bankruptcy filing to negative industry trends, an "unsustainable" balance sheet, failure to adequately address near-term maturities and "rapidly deteriorating" liquidity. The Debtors claim that the coated paper industry faces a long-term structural decline as the use of digital substitutes increases. The Lowenstein team is led by Kenneth A. Rosen, Jeffrey D. Prol, and Wojciech F. Jung.
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