Crown Vantage Inc. announced that the Bankruptcy Court has approved the sale of substantially all of the specialty, packaging, text and cover papers business of Crown Paper to a wholly owned subsidiary of KPS Special Situations Fund, LLC.
The sale includes the name Curtis Papers, Inc.' which shall be the KPS
subsidiary name after the sale closes. As previously announced, Crown Paper and
KPS had signed a Definitive Asset Purchase Agreement on December 28, 2000,
relating to the sale of these assets.
The Definitive Asset Purchase Agreement contemplates that a closing on the sale would take place on or before Feb 28, 2001, subject to the satisfaction or waiver of the conditions to closing contained in the Definitive Asset Purchase Agreement.
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