Crown Vantage opts for restructuring plan; files to reorganize under Chapter 11

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作者：

Anon

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来源：

Pulp and Paper Week | 2000年 / 22卷 / 11期

关键词：

Finance - Industrial economics - Strategic planning;

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摘要：

Crown Vantage has voluntarily filed to reorganize under Chapter 11 of the US Bankruptcy Code. The company said that it initiated the Chapter 11 filing in federal bankruptcy court in Oakland, CA, because it offered the most viable way to access new working capital and restructure finances while continuing normal operations. Crown Vantage, which relocated its corporate headquarters from Oakland to Cincinnati in 1999, was pushed into Chapter 11 after it failed to secure $26 million of additional bank financing from a prospective lender and its bond ratings were cut to default.

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