Crown Vantage Inc. and its wholly owned subsidiary Crown Paper Co., announced that the letter of intent between Crown Acquisition Corporation and Crown Paper has been terminated by CAC. The letter of intent contemplated the sale to CAC of substantially all of the assets of Crown Paper. CAC stated that it terminated the letter of intent because the definitive agreement had not been executed by September 27, 2000, and alleged that certain conditions precedent could not be satisfied by Crown Paper. Despite terminating the letter of intent, CAC has expressed interest in acquiring the St. Francisville mill.
Prior to the termination of the letter of intent, Crown sought and received
an extension of the exclusivity period until December 25, 2000, for producing a plan of reorganization.
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