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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 : December 31,1997
JOTAN, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 0-24188
(State of other jurisdiction of (Commission File Number)
incorporation)
59-3181162
(IRS Employer Identification No.)
118 West Adams Street, Suite 900, Jacksonville, Florida 32202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (904) 355-2592
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ITEM 5. Other Events
As of December 31, 1997, Southland Container Packaging Corp. (previously
known as Southland Holding Company), a wholly-owned subsidiary of Jotan, Inc.
(the "Company"), as "Borrower", did not to pay the principal, interest and
certain fees due under the Credit Agreement dated as of February 28, 1997, as
amended, among the Company, Borrower, Banque Paribas, as agent and a lender,
and other lenders. The Company is meeting with its lenders to discuss
business opportunities at the Company and an appropriate payment arrangement.
The Company continues to meet its other obligations in the ordinary course of
business while pursuing new business and recruiting additional key management.
As of January 5, 1998, William H. Ames voluntarily resigned as President
of the Company and of the Borrower. Mr. Raleigh C. Minor has been elected
Interim Chief Executive Officer. The Company has retained Mr. Minor and his
firm, Allomet Partners, Ltd., to direct the operations of the Company while
identifying additional senior management for the Company, improving
implementation of business plans and better managing existing contractual
relationships.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
JOTAN, Inc.
By: ___________________________________
Edward L. Lipscomb, Vice President,
Chief Financial Officer and Secretary
Date: January 9, 1998
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