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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): March 30, 2000
PLAINWELL INC.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware ------- 38-3391489
(Sate of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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PLAINWELL INC.
1270 Northland Drive, Suite 300
Minneapolis, MN 55120
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (651) 365-3100
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
PLAINWELL INC. will not file its annual report on Form 10-K for the
year ending December 31, 1999, on its March 30 deadline for making such filing
for the following reasons. In preparing the financial statements to be included
in our annual report, we determined that as of December 31, 1999, we were in
default of the minimum net worth covenant as defined in our revolving credit
facility with Congress Financial Corporation ("Congress"). We are in
discussions with Congress regarding such default and anticipate obtaining a
waiver from Congress relating to such default. We also anticipate amending
the credit agreement to avoid future default of the net worth covenant.
While there can be no assurances that we will obtain such waiver and
amendment, we anticipate having them in place in time to file our annual
report in the next 15 days.
This filing contains forward-looking statements which are made pursuant
to the safe harbor provisions of the Securities Litigation Reform Act of 1995,
each of which involves risks and uncertainties that may affect our business and
prospects. Such forward-looking statements include, without limitation, our
ability to obtain the waiver and amendment from Congress and to file our annual
report on Form 10-K within the timeframe discussed above. Investors should
consult the Corporation's ongoing interim and quarterly filings and annual
reports for additional information on risks and uncertainties relating to
forward-looking statements. Investors are cautioned not to rely on these
forward-looking statements. We do not undertake to update these forward-looking
statements.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
PLAINWELL INC.
By: /S/ Jeffrey A. Arnesen
Name: Jeffrey A. Arnesen
Title: Senior Vice President and Chief
Financial Officer
Dated: March 30, 2000
