Paperweight Development 8-K Regulation FD Disclosure

Exhibit 99.2

Paperweight Development Corp.

and Subsidiaries

(debtor-in-possession)

Q3 2017 Financial Statements

(unaudited)

For satisfaction of Section 6.01(b) of the Superpriority SeniorDebtor-in-Possession Credit Agreement

dated as of October 2, 2017.

Privileged and Confidential. Prepared at the direction of legal counsel.

PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES

(debtor-in-possession)

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(dollars in thousands, except share data)

	October 1, 2017			December 31, 2016
ASSETS
Current assets
Cash and cash equivalents	$	9,063		$	6,397
Accounts receivable, less allowance for doubtful accounts of $400 and $323, respectively		55,387			41,297
Inventories		94,159			86,392
Other current assets		6,423			4,478
Total current assets		165,032			138,564
Property, plant and equipment, net		196,805			206,413
Intangible assets, net		32,983			34,697
Other assets		8,053			7,495
Total assets	$	402,873		$	387,169
LIABILITIES, REDEEMABLE COMMON STOCK, ACCUMULATED DEFICIT AND ACCUMULATED OTHER COMPREHENSIVE INCOME
Current liabilities
Current portion of long-term debt, net	$	240,185		$	982
Accounts payable		—			49,433
Accrued interest		623			3,258
Other accrued liabilities		41,477			44,939
Total current liabilities		282,285			98,612
Long-term debt, net		—			437,515
Postretirement benefits other than pension		—			20,842
Accrued pension		—			111,963
Other long-term liabilities		50			30,536
Liabilities subject to compromise		462,814			—
Commitments and contingencies (Note 12)		—			—
Redeemable common stock, $0.01 par value, shares authorized: 30,000,000, shares issued and outstanding: 5,823,112 and 6,260,418		91,760			100,641
Accumulated deficit		(450,573	)		(431,887	)
Accumulated other comprehensive income		16,537			18,947
Total liabilities, redeemable common stock, accumulated deficit and accumulated other comprehensive income	$	402,873		$	387,169

The accompanying notes are an integral part of these condensed consolidated financial statements.

PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES

(debtor-in-possession)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

(dollars in thousands)

	For the Three Months Ended October 1, 2017			For the Three Months Ended October 2, 2016			For the Nine Months Ended October 1, 2017			For the Nine Months Ended October 2, 2016
Net sales	$	163,513		$	169,189		$	494,183		$	523,280
Cost of sales		132,750			139,852			404,040			427,486
Gross profit		30,763			29,337			90,143			95,794
Selling, general and administrative expenses		23,677			25,917			71,362			78,922
Operating income (loss)		7,086			3,420			18,781			16,872
Other expense
Interest expense, net		12,356			10,179			36,582			30,550
Debt modification/extinguishment expense		2,365			—			2,365			—
Reorganization items, net		3,070			—			3,070			—
Foreign exchange (gain) loss		(203	)		95			(771	)		(223	)
Other expense		351			280			937			802
Income (loss) before income taxes		(10,853	)		(7,134	)		(23,402	)		(14,257	)
Provision for income taxes		(97	)		76			43			234
Net income (loss)		(10,756	)		(7,210	)		(23,445	)		(14,491	)
Other comprehensive income (loss):
Changes in retiree plans		(913	)		(913	)		(2,738	)		(2,743	)
Unrealized gains (losses) on derivatives		400			372			328			(473	)
Total other comprehensive income (loss)		(513	)		(541	)		(2,410	)		(3,216	)
Comprehensive income (loss)	$	(11,269	)	$	(7,751	)	$	(25,855	)	$	(17,707	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

PAPERWEIGHT DEVELOPMENT CORP. AND SUBSIDIARIES

(debtor-in-possession)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED

(unaudited)

(dollars in thousands)

	October 1, 2017			October 2, 2016
Cash flows from operating activities:
Net income (loss)	$	(23,445	)	$	(14,491	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation		17,128			17,935
Amortization of intangible assets and other		1,989			1,968
Amortization of financing fees		2,816			1,429
Amortization of debt discount		823			591
Employer 401(k) noncash matching contributions		915			1,245
Foreign exchange (gain) loss		(799	)		(260	)
Noncash (gain) loss on hedging		166			—
Loss (gain) on disposals of equipment		14			46
(Increase)/decrease in assets and increase/(decrease) in liabilities:
Accounts receivable		(13,760	)		(5,521	)
Inventories		(7,660	)		1,647
Other current assets		(1,937	)		1,950
Accounts payable and other accrued liabilities		13,825			(7,838	)
Accrued pension		(3,614	)		3,463
Other, net		(4,929	)		(3,309	)
Net cash provided (used) by operating activities		(18,468	)		(1,145	)
Cash flows from investing activities:
Proceeds from sale of equipment		4			46
Additions to property, plant and equipment		(6,984	)		(11,521	)
Net cash provided (used) by investing activities		(6,980	)		(11,475	)
Cash flows from financing activities:
Debt acquisition costs		(800	)		—
Proceeds of first lien term loan		20,000			—
Payments relating to capital lease obligations		(190	)		(208	)
Proceeds from revolving line of credit		411,265			271,400
Payments of revolving line of credit		(381,300	)		(258,000	)
Payments of State of Ohio loans		(899	)		(1,167	)
Proceeds from issuance of redeemable common stock		708			850
Payments to redeem common stock		(5,490	)		(6,093	)
Increase (decrease) in cash overdraft		(15,208	)		7,669
Net cash provided (used) by financing activities		28,086			14,451
Effect of foreign exchange rate changes on cash and cash equivalents		28			37
Change in cash and cash equivalents		2,666			1,868
Cash and cash equivalents at beginning of period		6,397			1,817
Cash and cash equivalents at end of period	$	9,063		$	3,685

The accompanying notes are an integral part of these condensed consolidated financial statements.