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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) June 28, 1996
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Crown Vantage Inc.
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(EXACT NAME OF REGISTRATION AS SPECIFIED IN ITS CHARTER)
Virginia 1-13868 54-1752384
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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
Not applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT.)
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ITEM 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Crown Vantage Inc. (the "Company" and the "Registrant") became an independent
company on August 28, 1995 after the Board of Directors of James River
Corporation of Virginia ("James River") distributed to its shareholders its
holdings of all the outstanding stock of Crown Vantage Inc. by declaring and
effecting a dividend of one share of the Company's common stock for every ten
shares of James River common stock (the "Spin-Off"). Prior to the dividend,
James River transferred to the Company (including transfers to its wholly-owned
subsidiary Crown Paper Co.) certain of its assets, the Company assumed certain
liabilities, and the Company obtained financing through a public debt offering
and borrowings under bank credit facilities.
Coopers & Lybrand LLP are the independent accountants for James River and have
previously reported on the financial statements of the Company in connection
with the Spin-Off and for the year ended December 31, 1995. The reports of
Coopers & Lybrand on the Company's financial statements for the past two fiscal
years did not contain an adverse opinion or a disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting principle.
As a newly-independent company, Crown Vantage Inc. has been reviewing its
relationships with all its professional service providers to determine the
appropriateness of continuing existing, or establishing new relationships for
the new Company.
On June 25, 1996, the Audit Committee recommended and the Board of Directors
approved, effective as of July 1, 1996, the selection of Ernst & Young LLP
(newly engaged accountants) as independent accountants for the Company for the
year ending December 29, 1996. Such selection replaces Coopers & Lybrand
(former accountants).
The Company has had no disagreements with the former accountants during the two
most recent fiscal years or the subsequent interim period to June 25, 1996 on
any matter of accounting principle or practices, financial statement disclosure,
or auditing scope of procedure, which if not resolved to the satisfaction of the
former accountant, would have caused the former accountants to make reference to
the subject matter of the disagreement in connection with its report.
The Company has requested Coopers & Lybrand to furnish it a letter addressed to
the Commission stating whether it agrees with the above statements. A copy of
that letter is filed as Exhibit 16 to this Form 8-K/A.
SIGNATURE
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 VANTAGE INC.
June 28, 1996
/s/ Charles H. Shreve
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Charles H. Shreve
Senior Vice President
Chief Accounting Officer
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Exhibit 16
June 26, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Crown Vantage Inc. (copy attached), which
we understand will be filed with the Commission, pursuant to Item 4 of Form
8-K, as part of the Company's Form 8-K report for the month of June, 1996. We
agree with the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/ Coopers & Lybrand L.L.P.
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Coopers & Lybrand L.L.P.
