Exhibit 10.1

 

FIFTH AMENDMENT TO RESTRUCTURING AGREEMENT

 

This FIFTH AMENDMENT, dated November 4, 2004 (the “Amendment”), to the
Restructuring Agreement (as amended from time to time in accordance with the
terms therein, the “Restructuring Agreement”), dated August 24, 2004, by and
among the parties specified therein is executed by (i) Applied Extrusion
Technologies, Inc., a Delaware corporation (“AET”), Applied Extrusion
Technologies, Inc. (Canada), a Delaware corporation (“AET Canada” and together,
with AET, the “Company”) and Applied Extrusion Technologies Limited (“AET/UK”),
and (ii) Barclays Bank PLC, DDJ Capital Management, LLC (as investment manger or
adviser acting on behalf of certain funds and accounts it manages or advises),
Post Advisory Group, LLC, TCW Shared Opportunity Fund III, L.P., TCW Shared
Opportunity Fund IV, L.P., TCW Shared Opportunity Fund IVB, L.P., TCW/PCG
Special Situation Partners, LLC, Xerion Partners I LLC and Pequot Capital
Management, Inc. (as investment manager or adviser acting on behalf of certain
funds and accounts it manages or advises) (together the “Participating
Holders”).

 

WHEREAS, the Company, AET/UK and each of the Participating Holders have
determined that it is in each of their best interests to, as of the date hereof,
amend and restate Section 8(b)(iv) of the Restructuring Agreement in its
entirety in the form specified below.

 

NOW THEREFORE, in consideration of the promises and the mutual covenants and
agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company, AET/UK and
each of the Participating Holders hereby agree as follows:

 

1.                                       Amendment & Restatement of
Section 8(b)(iv) of the Restructuring Agreement.

 

Section 8(b)(iv) is amended and restated in its entirety to read as follows:

“(iv)                        If the Solicitation does not expire on 5:00 p.m.
(prevailing New York City Time) on the first business day that is on or after
the date that is twenty three (23) days after the Solicitation Commencement Date
(the “Solicitation Expiration Date”);”

 

2.                                       Entire Agreement.  This Amendment
constitutes the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes all other prior negotiations, agreements
and understandings, both written and oral, among the parties hereto with respect
to the subject matter hereof.

 

3.                                       Other Terms & Conditions.  Each of the
other provisions, terms and conditions of the Restructuring Agreement are deemed
to have been incorporated by reference herein and remain in full force and
effect without amendment, alteration or any other modification notwithstanding
anything to the contrary herein.

 

[Remainder of Page Left Intentionally Blank]

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first above
written.

 

 

APPLIED EXTRUSION TECHNOLOGIES, INC.

 

 

 

 

 

By:

/s/ David N. Terhune

 

 

 

Name: David N. Terhune

 

 

 

Title: President

 

 

 

 

 

 

APPLIED EXTRUSION TECHNOLOGIES
(CANADA), INC.

 

 

 

 

 

 

 

 

 

By:

/s/ David N. Terhune

 

 

 

Name: David N. Terhune

 

 

 

Title: President

 

 

 

 

 

 

 

 

 

 

APPLIED EXTRUSION TECHNOLOGIES LIMITED

 

 

 

 

 

 

 

 

 

By:

/s/ David N. Terhune

 

 

 

Name: David N. Terhune

 

 

 

Title: President

 

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first above
written.

 

 

Barclays Bank PLC

 

 

 

 

 

 

 

 

 

By:

/s/ Steven J. Landzberg

 

 

 

Name: Steven J. Landzberg

 

 

 

Title: Director

 

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first above
written.

 

 

DDJ Capital Management, LLC, as investment manager
or adviser acting on behalf of certain funds and
accounts it manages or advises

 

 

 

 

 

By:

/s/ David J. Breazzano

 

 

 

Name: David J. Breazzano

 

 

 

Title: Member

 

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first above
written.

 

 

Post Advisory Group, LLC,
on behalf of certain funds and accounts it manages

 

 

 

 

By:

/s/ Carl Goldsmith

 

 

 

Name:  Carl Goldsmith

 

 

Title:  Senior Investment Officer

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first above
written.

 

 

Pequot Capital Management, Inc., as investment
manager or adviser acting on behalf of certain funds
and accounts it manages or advises.

 

 

 

 

 

By:

/s/ Aryeh Davis

 

 

Name:  Aryeh Davis

 

 

Title:  General Counsel

 

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first above
written.

 

 

TCW Shared Opportunity Fund III, L.P.

TCW Shared Opportunity Fund IVB, L.P.

 

 

Face Amount of Notes Held: (set forth in
accompanying memorandum)

Face Amount of Notes Held: (set forth in
accompanying memorandum)

 

 

By: TCW Asset Management Company, its
Investment Adviser

By: TCW Asset Management Company, its
Investment Adviser

 

 

By:

/s/ Nicholas W. Tell, Jr.

 

By:

/s/ Nicholas W. Tell, Jr.

 

Name: Nicholas W. Tell, Jr.

Name:  Nicholas W. Tell, Jr.

Title: Managing Director

Title:  Managing Director

 

 

By:

/s/ Richard H. Stevenson

 

By:

/s/ Richard H. Stevenson

 

Name: Richard H. Stevenson

Name: Richard H. Stevenson

Title: Vice President

Title:  Vice President

 

 

TCW Shared Opportunity Fund IV, L.P.

TCW/PCG Special Situation Partners, LLC

 

 

 

 

Face Amount of Notes Held: (set forth in
accompanying memorandum)

Face Amount of Notes Held: (set forth in
accompanying memorandum)

 

 

By: TCW Asset Management Company, its
Investment Adviser

By: TCW Asset Management Company, its
Investment Adviser

 

 

By:

/s/ Nicholas W. Tell, Jr.

 

By:

/s/ Nicholas W. Tell, Jr.

 

Name: Nicholas W. Tell, Jr.

Name:  Nicholas W. Tell, Jr.

Title: Managing Director

Title:  Managing Director

 

 

By:

/s/ Richard H. Stevenson

 

By:

/s/ Richard H. Stevenson

 

Name: Richard H. Stevenson

Name: Richard H. Stevenson

Title: Vice President

Title:  Vice President

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first above
written.

 

 

Xerion Partners I LLC

 

 

 

 

 

 

 

 

 

By:

/s/ Daniel J. Arbess

 

 

Name:  Daniel J. Arbess

 

 

Title:

 

 

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