-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GCFjEy8QUTFqCouB7DH7lZCXcNEEHHUH0AmuQmXIet6c0CuI2dpmqNOMBwAFjfAu fG1Sq5lT+z5AuyLh4QkziQ== 0000929624-98-001625.txt : 19981006 0000929624-98-001625.hdr.sgml : 19981006 ACCESSION NUMBER: 0000929624-98-001625 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980928 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981005 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CROWN VANTAGE INC CENTRAL INDEX KEY: 0000948073 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] IRS NUMBER: 541752384 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13868 FILM NUMBER: 98720776 BUSINESS ADDRESS: STREET 1: 300 LAKESIDE DR STREET 2: 14TH FL CITY: OAKLAND STATE: CA ZIP: 94612-3592 BUSINESS PHONE: 5108743400 MAIL ADDRESS: STREET 1: 300 LAKESIDE DR STREET 2: 14TH FLOOR CITY: OAKLAND STATE: CA ZIP: 94612-3592 8-K 1 FORM 8-K 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) September 28, 1998 ------------------ CROWN VANTAGE INC. ------------------ (Exact name of registrant as specified in its charter) Virginia 1-13868 54-1752384 - ---------------------------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 300 Lakeside Drive, Oakland CA 94612-3592 - ---------------------------------------------------------------------------------------------------- (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) ITEM 5. OTHER EVENTS. On September 28, 1998 Crown Paper Co. (a wholly owned subsidiary of Crown Vantage Inc.) received consents from holders of its 11% Senior Subordinated Notes due 2005 and consummated the settlement with Fort James Corporation for the return of $33 million of Crown Vantage's 11.45% Senior Pay-In-Kind Notes (the "PIK Notes"). The company's bank lenders had previously provided their consent. The consents were for amendments of certain terms of the related indentures to permit the settlement to occur. The settlement involved the return of these PIK Notes by Fort James in exchange for the mutual release from a variety of claims that have arisen from prior intercompany transactions. The settlement also amends the terms of the remaining PIK Notes allowing Crown Vantage the right to call the remaining PIK Notes at fair value at any time prior to their maturity. Crown Vantage expects to record a pretax extraordinary gain in the fourth quarter of 1998 of approximately $33 million, which will be partially offset by transaction fees. Returned PIK Notes valued at approximately $25 million will be extinguished by Crown Vantage. The remaining $8 million in returned PIK Notes will be carried on the books of Crown Paper, but will be eliminated in the consolidated Crown Vantage financial statements. Crown Vantage also announced on September 28, 1998 that it will not exercise the option portion of the settlement agreement for the return of the remaining PIK Notes with a face value of $107 million held by Fort James. The option, which expired on September 30, 1998, would have allowed the company to purchase these notes for $80 million in cash. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits Exhibit No. Description - ---------------------------- ----------------------------------------------- None None 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. October 5, 1998 /s/ Michael J. Hunter ------------------------------------------- Michael J. Hunter Vice President, Chief Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----