The U.S. Bankruptcy Court approved Appvion‘s official committee of unsecured creditors’ stipulation amending the final DIP order to extend the challenge period. Wilmington Trust had agreed to provide a $325.2 million term loan for the papermaker.

Previously, the committee had until December 31, 2017 to file or otherwise raise a challenge. Now, the committee and the prepetition second lien trustee have agreed to extend the challenge period to January 15, 2018.

By this motion, the debtors seek entry of the DIP orders granting, among other things, the following relief:

• Authorizing the debtors to borrow funds under the DIP facility in an aggregate principal amount of up to $325.2 million with up to $65 million available on an interim basis
• Authorizing the use of cash collateral and all other prepetition term facility collateral and any proceeds thereof as described more fully and to the extent provided in the DIP facility documents
• Granting to the DIP agent the DIP liens and the DIP superpriority claims
• Granting adequate protection to the prepetition secured parties
• Modifying the automatic stay to implement the terms of the DIP financing

According to documents filed with the court, the DIP facility comprises a term loan in an aggregate principal amount of up to $325.2 million consisting of new money commitments in the aggregate principal amount of $85 million and a roll-up of existing loans under the prepetition first lien facility in the aggregate principal amount of $240.2 million.

PJT Partners is serving as sole lead arranger, and Wilmington Trust is acting as administrative agent and collateral agent for the DIP lenders.