Orchids Paper Products Company has reached an agreement with its creditors, amending its credit agreement, as the company said in the press release received by Lesprom Network.
Jeff Schoen, President and CEO, stated, "Our lenders continue to support and maintain access to the liquidity needed to operate our business. On November 20, we executed modifications to our credit facilities to increase the amount available under our revolving line of credit by $5.9 million and to defer future principal and interest payments to December 31, 2018. In addition, the amended agreement extends the milestone dates to execute a transaction to December 31, 2018. At the end of the 3Q, the Company had $5.1 million of cash on hand."
Orchids Paper Products 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.
