BRENTWOOD, Tenn. (From news reports) -- The leaders of Orchids Paper Products, a manufacturer of tissues that is based in Brentwood, Tennessee have negotiated an extension to their banks' ultimatum to sell the company and pay off its debts.
Led by U.S. Bank, Orchids' lenders have been pressing for months to have the company raise new money to pay them off. Those efforts included the hiring of a division of Deloitte to improve operations and a deadline to secure a letter of intent to sell the company. Tuesday, Orchids executives said "financial and strategic participants currently expressing interest" need more time to get their ducks in row and added that the bank group has agreed to extend to Aug. 31 the deadline to either sign a purchase agreement or a binding commitment to refinance Orchids' debt and make whole its current lenders.
Orchids and the bank also have signed another amendment to the company's credit facilities -- it's the seventh quarter in a row this has happened -- that lets Orchids CEO Jeff Schoen and his team borrow a little more money and defer payments on their debts through the end of October.
In the first quarter of this year, Orchids posted a net loss of $2.3 million on sales of $48.2 million. Last year, the company -- which relocated its home office from Oklahoma in the same period -- earned $6.7 million on sales of $150 million.
Orchids' thinly traded shares (Ticker: TIS) lost nearly half their value Monday afternoon, closing at $2.18 -- they opened 2018 at about $13 -- but regained a lot of that ground in Tuesday pre-market trading. Just after 8 a.m., they were changing hands at $3.60.
****
EMPLOYMENT OPPORTUNITIES:
* We are looking for a Production Shift Team Leader to maintain high standards, plus ensure safety policies and regulations for a company located close to Chicago's Midway Airport. If you are experienced team leader who has a four-year degree in an engineering/technical field (paper science degree preferred, and experience in recycled linerboard or corrugating medium paper mills is a plus), we are looking for someone like you! If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* A family owned and operated corrugated packaging solutions company in Illinois is looking for an experienced Maintenance Technician to maintain production and quality by ensuring operation of machinery and mechanical equipment. Relocation and other perks are available to the right candidate who is committed to working third shift. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* Are you an experienced Maintenance Mechanic and would like to work for a family owned and operated corrugated packaging solutions company that invests in the best equipment and technology? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* A leading company in the corrugated solutions packaging business is looking for a experienced Electrician. The right candidate will possess the following skills: electrical; hydraulic; automatic drives (basic component machines 122 to 440 volts). If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* An expanding company is looking for a Corporate Industrial Electro-Mechanical Engineer near Allentown, PA. Relocation is available. Do you have a storied list of unique electrical and mechanical engineering skills you're ready to take to the next level? Do you envision yourself in a corporate-level leadership role that your experience finally merits? And do you relish any opportunity to troubleshoot and solve real-time problems, all while designing and installing new services and systems that will not only ensure safety, but also turn a potentially hazardous work environment into a continuously thriving one? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* An expanding company is looking for hands-on Electro Mechanical Maintenance Techs in Conyers, Georgia. Preference will be given to candidates with higher education and additional certificates or training. You must be able to work any shift. Pay is negotiable with excellent perks and benefits. Relocation assistance is available to the right candidate. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
****
Jim Thompson is back again...with a new book on a taboo subject: the personalities in the pulp & paper industry. Jim has written in the past on many subjects based on his four plus decades in the worldwide pulp and paper industry. This new book is packed full of information valuable to the senior member of the industry as well as the recent entrant. A must for every pulp and paper library. |
