Orchids Paper Products Company Announces Amended Agreement With Its Lenders
BRENTWOOD, Tenn., Jan. 29, 2019 /PRNewswire/ -- Orchids Paper Products Company (NYSE American: TIS), a national supplier of high-quality consumer tissue products, today announced that it has reached an agreement to amend its credit agreement dated June 25, 2015 with its new lender, Black Diamond Commercial Finance, L.L.C., as successor to U.S. Bank National Association, and Orchids Investment L.L.C., as successor to the lenders party to the credit agreement.
Jeff Schoen, President and Chief Executive Officer, stated, "We are working with our new lenders to continue the process of securing an agreement for the sale of the Company or the refinancing of our current debt obligations. The amended credit agreement extends the deadline for the Company to execute a purchase agreement for the sale of the Company or a binding commitment for the refinancing of the Company's debt obligations to March 1, 2019. The deadline to complete such a transaction and repay the Company's debt obligations has been extended to May 1, 2019. We continue to focus on our business as we work through this process."
While the Company is continuing to pursue a transaction to address its liquidity needs, there can be no assurance that the Company will be able to consummate any sale, transaction, or refinancing on terms that are satisfactory to it, or at all.
About Orchids Paper Products Company
Orchids Paper Products Company is a customer-focused, national supplier of high quality consumer tissue products primarily serving the at home private label consumer market. The Company produces a full line of tissue products, including paper towels, bathroom tissue and paper napkins, to serve the value through ultra-premium quality market segments from its operations in northeast Oklahoma, Barnwell, South Carolina and Mexicali, Mexico. The Company provides these products primarily to retail chains throughout the United States. For more information on the Company and its products, visit the Company's website at http://www.orchidspaper.com.
Investor Relations Contact:
Water's Edge Investor Relations Consulting Group
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SOURCE Orchids Paper Products Company
Released January 29, 2019