UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 7, 2008
Commission file numbers: 333-82084-01
333-82084
| PAPERWEIGHT DEVELOPMENT CORP. | APPLETON PAPERS INC. |
| (Exact Name of Registrant as Specified in Its Charter) | (Exact Name of Registrant as Specified in Its Charter) |
| Wisconsin | Delaware |
(State or Other Jurisdiction of Incorporation or Organization) | (State or Other Jurisdiction of Incorporation or Organization) |
| 39-2014992 | 36-2556469 |
| (I.R.S. Employer Identification No.) | (I.R.S. Employer Identification No.) |
825 East Wisconsin Avenue P.O. Box 359 Appleton, Wisconsin | 54912-0359 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrants’ telephone number, including area code: (920) 734-9841
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 8.01 Other Events.
Appleton Papers Inc. (the "Company") previously announced, on January 17, 2008, plans to explore options to sell BemroseBooth Limited (“Bemrose”), a wholly-owned subsidiary of the Company. Since the announcement, a professionally-managed auction process was commenced. During 2008, Bemrose also commenced protracted discussions with trustees regarding the timing and amount of future funding requirements of its pension plan. Difficult economic conditions, tough markets for its products and certain other factors have hampered efforts to sell Bemrose such that the net sale proceeds are expected to be significantly less than the current carrying amount for Bemrose. Consequently, the Company expects to record additional impairment charges ranging from $20 million to $45 million during its second quarter period ended June 29, 2008.
Notice regarding forward-looking statements
This current report contains forward-looking statements. The words “will,” “believes,” “anticipates,” “intends,” “estimates,” “expects,” “projects,” “plans,” or similar expressions are intended to identify forward-looking statements. All statements in this current report other than statements of historical fact, including statements which address our strategy, future operations, future financial position, estimated revenues, projected costs, prospects, plans and objectives of management and events or developments that the Company expects or anticipates will occur, are forward-looking statements. All forward-looking statements speak only as of the date on which they are made. They rely on a number of assumptions concerning future events and are subject to a number of risks and uncertainties, many of which are outside of the Company’s control, that could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the factors listed under the heading “Risk Factors” in the Company’s 2007 Annual Report on Form 10-K. The Company disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 7, 2008
Paperweight Development Corp.
By: /s/ Jeffrey J. Fletcher
Name: Jeffrey J. Fletcher
Title: Controller
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 7, 2008
Appleton Papers Inc.
By: /s/ Jeffrey J. Fletcher
Name: Jeffrey J. Fletcher
Title: Controller
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