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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) December 6, 1999
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CROWN VANTAGE INC.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
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
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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 Crown Paper Co. (a wholly-owned subsidiary of
Crown Vantage) amends debt covenants.
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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 VANTAGE INC.
December 17, 1999 /s/ Michael J. Hunter
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Michael J. Hunter
Senior Vice President, Chief Accounting Officer
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Exhibit 99.1
Release: For Immediate Release
For Further Information Contact:
At the Company: At the Financial Relations Board:
Neil Stuart, CFO 510-874-3423 Leslie Hunziker 312-640-6760
Jack Cotto 312-640-6755
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Oakland, Calif.
Friday, December 17, 1999
CROWN VANTAGE SUCCESSFULLY AMENDS COVENANTS
Oakland, California, December 17, 1999--Crown Vantage Inc. (OTCBB: CVAN) is
pleased to report that, in working with the company's senior secured lenders, it
has successfully amended three financial covenant requirements for the fourth
quarter of 1999. The amendments restored compliance with the tangible net worth
requirement and facilitated compliance with two other financial covenant ratios
at the end of the fiscal fourth quarter. The company's third quarter Form 10-Q
filed on November 11, 1999, reported that Crown Paper Co. (a wholly-owned
subsidiary) no longer complied with the tangible net worth requirement contained
in its senior secured debt indentures. It also reported that it did not
anticipate complying with the quarterly cash flow-to-debt and interest coverage
ratios under those indentures at the end of the fourth quarter 1999.
In the same quarterly report, Crown Vantage noted that Crown Paper Co. would not
comply with fiscal 2000 financial covenants as extended weakness in the paper
markets prevented it from achieving the original financial covenants established
at the peak of the paper market cycle in 1995. Appropriate modification to the
covenants in the loan agreement for fiscal 2000 will be addressed in the first
quarter with senior secured lenders.
Crown Vantage is one of the worlds' 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.
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 that failure of Crown Vantage to improve financial results
or to maintain liquidity; 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.
For further information on Crown Vantage free of charge via fax,
dial 1-800-PRO-INFO and enter the number 2826.
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