BRENTWOOD, Tenn., Sept. 13, 2018 /PRNewswire/ -- Orchids Paper
Products Company (NYSE American: TIS), a national supplier of
high-quality consumer tissue products, today announced that its
lenders have extended the milestone dates by which the Company is
required to accomplish certain actions related to the Company's
pursuit of strategic alternatives under the terms of its
Second Amended and Restated Credit Agreement dated as of
June 25, 2015, by and among the
Company, U.S. Bank National Association and the other lenders party
thereto (as amended, the "Credit Agreement").
The Company previously disclosed its initiative to refinance its
existing debt obligations, as well as to explore alternative
financing and capital-raising activities, in order to address its
ongoing liquidity needs and to maintain sufficient access to the
loan and capital markets on commercially acceptable terms to
finance its business. In light of the Company's ongoing efforts
with interested parties in executing such a solution, the Company's
lenders extended the Company's deadline to negotiate and execute
(i) a purchase agreement for the sale of the Company's equity or
assets or (ii) a binding commitment from institutional lenders to
refinance the Company's debt obligations, in either case in an
amount sufficient to repay the Company's debt obligations to its
existing lenders in full, from August 31,
2018 to September 30, 2018,
though there can be no assurance that the Company will be able to
consummate such a 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
Louie Toma
774-291-6000
louie.toma@watersedgeir.com
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SOURCE Orchids Paper Products Company