Crown Vantage Continues to Explore Alternatives to Fund Repurchase of Pay-In-Kind Notes.OAKLAND, Calif.--(BUSINESS WIRE)--July 28, 1998--Crown Vantage Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CVAN CVAN Attack Aircraft Carrier (Nuclear Propulsion) CVAN CINCPAC Voice Alert/Automated Net ) said today that it continues to explore various alternatives to fund the repurchase of the company's pay-in-kind notes held by Fort James Corporation under the terms of a previously announced option. Crown Vantage also announced that it is no longer actively exploring separating its specialty papers businesses from its St. Francisville St. Francisville may refer to:
"After a rigorous exploration process, we do not believe that separation of the businesses, including divestiture of the St. Francisville mill, would be in the best interests of the company's shareholders at this time," said Chairman and Chief Executive Officer Ernest S. Leopold. "However, we continue to actively pursue an appropriate means of exercising the option Exercising the option The act of buying or selling the underlying asset via the option contract. to repurchase the pay-in-kind notes at a discount and reducing the company's debt load to the extent feasible, consistent with the best interests of the company and its shareholders." Crown Vantage, which had sales in 1997 of $897 million, manufactures papers for printing, publishing and specialty packaging and converting applications at 10 pulp and paper mills in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Scotland. Crown Vantage information can be found on the Internet at www.crownvantage.com. Forward-Looking Statements Within the Context of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , Reform Act of 1995: This news release contains certain forward-looking statements reflecting the company's current intent to pursue alternative transactions that allow for the repurchase of the company's pay-in-kind notes. There is no assurance that the company will be successful in identifying an effective alternative or that such an alternative can be concluded in a timely manner.
CONTACT: Crown Vantage Inc.
Neil Stuart, 510/874-3423 (Analysts)
Katie Cutler, 510/874-3458 (Media)
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