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PaperWorks Industries Announces Agreement on Comprehensive Deleveraging and Recapitalization

PaperWorks Industries, Inc. and certain of its affiliates (collectively, the Company) and five holders of the Company's 9.500% Senior Secured Notes due 2019, holding approximately 87 percent of the outstanding Notes (Ad Hoc Group), entered into a restructuring support agreement (RSA) regarding a comprehensive financial restructuring of the Company's debt and equity structure. Paul, Weiss is representing the Ad Hoc Group. Among other things, the proposed restructuring will reduce the Company's long term debt by approximately $275 million, which represents approximately 70 percent of the Company's funded indebtedness, through a repayment of the Company's existing ABL credit facility and an exchange of the Notes for new debt and new common equity in the reorganized Company. Under the RSA, the Company's pro forma capital structure will consist of a $115 million post-restructuring financing facility, inclusive of $70 million of new capital back stopped by the Ad Hoc Group.

The Paul, Weiss team included bankruptcy partner Andrew Rosenberg and counsel Samuel Lovett; corporate partners Lawrence Wee and Kenneth Schneider; and tax partner David Mayo.

December 20, 2017

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