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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 8, 2000
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CROWN PAPER CO.
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(Exact name of registrant as specified in its charter)
Virginia 33-93494 54-1752385
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
300 Lakeside Drive, Oakland CA 94612-3592
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (510) 874-3400
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
See exhibit 99.1 for copy of news release.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
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99.1 Agreement announced March 1, 2000, with a new third
party lender with respect to additional financing
through the Company's current bank credit agreement has
not been consummated as a result of the prospective
lender's due diligence.
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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.
CROWN PAPER CO.
March 10, 2000 /s/ Michael J. Hunter
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Michael J. Hunter
Senior Vice President, Chief
Accounting Officer
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Exhibit 99.1
Cincinnati, Ohio
March 8, 2000
CROWN VANTAGE
Cincinnati, Ohio - March 8, 2000 - Crown Vantage (OTC Bulletin Board: CVAN)
announced today that the previously announced agreement with a new third party
lender with respect to additional financing through the Company's current bank
credit agreement has not been consummated as a result of the prospective
lender's due diligence. As a result, the Company said that it has not received
the anticipated additional financing under the bank credit agreement. However,
the Company is continuing to explore new terms for obtaining the financing. No
assurance can be given that any agreement will be reached. In addition, the
Company is currently considering all of its other alternatives.
As previously announced, the Company's existing lenders granted a waiver to the
Company of certain covenant defaults under their existing credit agreement. The
Company is currently in discussions with the lenders regarding a further
extension. However, there is no assurance that the waiver will be extended.
Crown Vantage is one of the world's leading manufacturers of value-added papers
for printing, publishing and specialty packaging. With nine mills
internationally, the Company has capacity to manufacture more than 750,000 tons
of specialty papers per year. The Company's diverse products are tailored for
the special needs of target markets. End users include specialty magazines and
catalogs, financial printing and corporate communications, packaging and product
labels, coffee filters and disposable medical garments - and hundreds more. For
more information, visit www.crownvantage.com.
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Safe Harbor Statement: This news release contains certain forward-looking
statements concerning Crown Vantage's positioning for the future. As required by
the Private Securities Litigation Reform Act of 1995, the company advises that
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those stated or inferred. These
could include the failure of Crown Vantage to improve financial results or to
maintain liquidity; the ability of the company to obtain liquidity; the ability
of the company to close on a recapitalization; the inability of the company to
successfully amend debt covenants for fiscal 2000; sudden marketing changes in
product pricing or the cost of raw materials; failure of the company to
successfully implement its value-added marketing strategy or other uncertainties
listed from time to time in the company's filings with the SEC.
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