================================================================================
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): November 10, 1998
JOTAN, INC.
(Exact name of registrant as specified in its charter)
================================================================================
Florida 0-24188 59-3181162
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification No.)
================================================================================
118 West Adams Street, Suite 900
Jacksonville, FL 32202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code:(904) 355-2592
Not applicable
(Former name or former address, if changed since last report)
================================================================================
-1-
<PAGE>
Item 5. Other Events
On November 10, 1998, Jotan, Inc. ("Jotan" or the "Company") filed a
voluntary petition under Chapter 11 of the Bankruptcy Code in United States
Bankruptcy Court, Middle District of Florida, Jacksonville Division (Case No.
98-09633-3F1).
Jotan has filed a plan of reorganization with the Bankruptcy Court (the
"Plan of Reorganization") pursuant to which the Company will convert prepetition
debt to common stock and eleminate the prepetition equity. The Company's
Bankruptcy filing indicated approximately $25 million of assets, $54 million of
debt, and outstanding stock of approximately 1.4 million shares of Preferred
Stock and 21 million shares of Common Stock.
The proposed Plan of Reorganization will be subject to further
negotiation and potential revision and there is no assurance the proposed Plan
of Reorganization will be confirmed by the Bankruptcy Court.
-2-
<PAGE>
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.
JOTAN, INC.
By: /s/ Raleigh C. Minor
Raleigh C. Minor
President and Chief Executive
Officer
November 10, 1998
-3-
