Orchids Paper wins interim approval to access $4 million of financing

By Caroline Salls

Pittsburgh, April 4 – Orchids Paper Products Co. obtained court approval to access $4 million of a proposed $11 million of debtor-in-possession financing from Orchids Investment LLC on an interim basis, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for May 1.

The DIP facility will mature on Sept. 30.

Interest will accrue at a rate of 12%.

Orchids makes consumer tissue products and is based in Brentwood, Tenn. The company filed bankruptcy on April 1 under Chapter 11 case number 19-10729.

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