<PAGE>

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                   FORM 10-Q


               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

<TABLE>
<S>                                                    <C>
For the Quarterly Period Ended: September 26, 1999    Commission File Number: 1-13868
-------------------------------------------------------------------------------------

                               CROWN VANTAGE INC.
-------------------------------------------------------------------------------------
               (Exact name of registrant as specified in its charter)


                    Virginia                                54-1752384
-------------------------------------------------------------------------------------
        (State or other jurisdiction of               (I.R.S. Employer
        incorporation or organization)                Identification No.)


             300 Lakeside Drive, Oakland, CA                 94612-3592
-------------------------------------------------------------------------------------
        (Address of principal executive offices)             (Zip Code)


               (510) 874-3400
-------------------------------------------------------------------------------------
        (Registrant's telephone number, including area code)


                                Not Applicable
-------------------------------------------------------------------------------------
             (Former name, former address, and former fiscal year,
                         if changed since last report)
</TABLE>

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                                        Yes     X     No________
                                                            ---------

Number of shares of no par value common stock outstanding as of the close of
business on November 5, 1999:

                               10,576,000 Shares
                      ----------------------------------
<PAGE>

                                     INDEX
                              CROWN VANTAGE INC.


PART I:   Financial Information

          Item 1.   Financial Statements

                    .    Condensed Consolidated Balance Sheets -
                         September 26, 1999 and December 27, 1998.

                    .    Condensed Consolidated Statements of Operations - Nine
                         months and third quarter ended September 26, 1999 and
                         September 27, 1998.

                    .    Condensed Consolidated Statements of Cash Flows - Nine
                         months ended September 26, 1999 and September 27, 1998.

                    .    Notes to Condensed Consolidated Financial Statements.

          Item 2.   Management's Discussion and Analysis of Financial Condition
                    and Results of Operations.

PART II:  Other Information

          Item 6.   Exhibits and Reports on Form 8-K

SIGNATURES

                                       2
<PAGE>

PART I  --  FINANCIAL INFORMATION
------

ITEM 1  --  FINANCIAL STATEMENTS
------

                              CROWN VANTAGE INC.
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                           (in thousands of dollars)

<TABLE>
<CAPTION>
ASSETS                                                  September 26, 1999      December 27, 1998
                                                        ------------------      -----------------
                                                            (Unaudited)
                                                            -----------
<S>                                                     <C>                     <C>
Current Assets:
  Cash and cash equivalents                                      $   4,629          $   9,806
  Accounts receivable, net                                          41,085             41,022
  Inventories                                                       69,429            102,397
  Prepaid expenses and other current assets                          3,703              3,481
  Deferred income taxes                                              9,093             15,067
                                                                 ---------          ---------
       Total current assets                                        127,939            171,773
Property, plant and equipment, net                                 358,749            434,075
Other assets                                                        41,815             43,839
Unamortized debt issue costs                                        10,134             11,808
Intangibles, net                                                    27,056             27,852
                                                                 ---------          ---------
      Total Assets                                               $ 565,693          $ 689,347
                                                                 =========          =========
LIABILITIES AND DEFICIT
Current Liabilities:
  Accounts payable                                               $  38,785          $  40,916
  Accrued liabilities                                               49,182             75,268
  Current portion of long-term debt                                    836              1,000
                                                                 ---------          ---------
     Total current liabilities                                      88,803            117,184
Long-term debt                                                     583,188            555,241
Accrued postretirement benefits other than pensions                 80,931            100,736
Other long-term liabilities                                         12,162             37,880
Deferred income taxes                                               10,390             16,406
                                                                 ---------          ---------
     Total Liabilities                                             775,474            827,447
                                                                 ---------          ---------
Shareholders' Equity (Deficit):
  Preferred Stock, no par value;
     Authorized - 500,000 shares;
     Issued and outstanding - None
  Common Stock, no par value;
     Authorized - 50,000,000 shares;
     Issued and outstanding 10,576,378 and
     9,876,842 shares at September 26, 1999
     and December 27, 1998, respectively                            48,589             47,887
  Unearned ESOP shares and other                                      (624)              (974)
  Other comprehensive Income (Loss):
  Minimum Pension Liability                                         (2,231)            (2,231)
  Cumulative foreign currency translation adjustment                 1,355              1,562
  Retained deficit                                                (256,870)          (184,344)
                                                                 ---------          ---------
                                                                  (209,781)          (138,100)
                                                                 ---------          ---------
Total Liabilities and Deficit                                    $ 565,693          $ 689,347
                                                                 =========          =========
</TABLE>

See notes to condensed consolidated financial statements.

                                       3
<PAGE>

                              CROWN VANTAGE INC.
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
          For the Nine Months (39 weeks) and Third Quarter (13 weeks)
                Ended September 26, 1999 and September 27, 1998
                  (in thousands of dollars, except per share)


<TABLE>
<CAPTION>
                                                   Third Quarter                        Nine Months
                                             ------------------------              -----------------------
                                                1999           1998                  1999          1998
                                             ---------       ---------             --------      ---------
                                                    (Unaudited)                         (Unaudited )
<S>                                          <C>             <C>                   <C>           <C>
Net sales                                    $ 166,329       $ 211,768            $ 572,376      $ 648,987
Cost of goods sold                             161,902         190,089              546,833        606,327
                                             ---------       ---------             --------      ---------
Gross margin                                     4,427          21,679               25,543         42,660
Selling and administrative expenses            (12,128)        (15,784)             (42,793)       (45,573)
Property tax accrual reversal                                                         8,957
Adjustment of assets held for sale
          to net realizable value                                                   (16,175)
Other operating income, net                        411                                  411
                                             ---------       ---------             --------      ---------
             Operating Income (Loss)            (7,290)          5,895              (24,057)        (2,913)
Interest expense                               (16,080)        (16,619)             (47,598)       (49,095)
Other income, net                                  179             (33)                 473            457
                                             ---------       ---------             --------      ---------
             Loss before income taxes          (23,191)        (10,757)             (71,182)       (51,551)
Provision (benefit) for income taxes               281          (3,765)               1,344        (18,044)
                                             ---------       ---------             --------      ---------
             NET LOSS                        $ (23,472)      $  (6,992)           $ (72,526)     $ (33,507)
                                             =========       =========             ========      =========

Basic loss per share                         $   (2.24)      $    (.73)           $   (6.95)     $   (3.58)
                                             =========       =========             ========      =========
</TABLE>

See notes to condensed consolidated financial statements.

                                       4
<PAGE>

                              CROWN VANTAGE INC.
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                        For the Nine Months (39 weeks)
                Ended September 26, 1999 and September 27, 1998
                           (in thousands of dollars)

<TABLE>
<CAPTION>
                                                                                 Nine Months
                                                                      ---------------------------------
                                                                           1999               1998
                                                                      --------------     --------------
                                                                                 (Unaudited)
<S>                                                                   <C>                <C>
Cash Provided by (Used for) Operating Activities:
     Net loss                                                             (72,526)           (33,507)
     Items not affecting cash:
         Depreciation and cost of timber harvested                         46,004             62,902
         Amortization of goodwill and other intangibles                       844                844
         Interest on Pay-in-Kind Notes and other non-cash interest         11,880             13,858
         Other, net                                                         1,050              4,664
         Property tax accrual reversal                                     (8,957)
         Adjustment of assets held for sale to net realizable value        16,175
     Changes in current assets and liabilities:
         Accounts receivable                                                  (63)               421
         Inventories                                                        6,207             (1,882)
         Other current assets                                                (222)             4,271
         Accounts payable                                                  (2,131)           (11,146)
         Other current liabilities                                        (12,929)            (6,003)
     Deferred income taxes                                                    167            (21,404)
     Settlement of co-generation lease                                    (16,251)
     Other, net                                                            (7,542)            (6,219)
                                                                      -----------        -----------
         Cash Provided by (Used for) Operating Activities                 (38,294)             6,799
                                                                      -----------        -----------

Cash Provided by (Used for) Investing Activities:
     Expenditures for property, plant and equipment                       (24,253)           (34,218)
     Proceeds from sale of property, plant and equipment
        and other, net                                                     43,120                106
                                                                      -----------        -----------
         Cash Provided by (Used for) Investing Activities                  18,867            (34,112)
                                                                      -----------        -----------

Cash Provided by (Used for) Financing Activities:
     Proceeds from draw down of Revolving Credit                          120,000            101,000
     Repayments of Revolving Credit                                       (90,000)           (76,000)
     Repayments of Term Loan                                              (15,750)              (750)
                                                                      -----------        -----------
         Cash Provided by Financing Activities                             14,250             24,250
                                                                      -----------        -----------

Decrease in cash and cash equivalents                                      (5,177)            (3,063)
Cash and cash equivalents at beginning of year                              9,806             11,415
                                                                      -----------        -----------
Cash and cash equivalents at end of period                            $     4,629        $     8,352
                                                                      ===========        ===========
</TABLE>

See notes to condensed consolidated financial statements.

                                       5
<PAGE>

                              CROWN VANTAGE INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


NOTE 1  --  ORGANIZATION AND BASIS OF PRESENTATION
------

     The accompanying unaudited condensed consolidated financial statements
include the consolidated operations, assets and liabilities of Crown Vantage
Inc. (the "Company" or the "Parent"), Crown Paper Co., and Crown Paper Co.'s
consolidated subsidiaries.

     The accompanying condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for annual
financial statements. The condensed consolidated balance sheet as of December
27, 1998 was derived from audited financial statements, but does not include all
disclosures required by generally accepted accounting principles for annual
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the quarter and nine months ended September
26, 1999 are not necessarily indicative of the results that may be expected for
the year ended December 26, 1999. For further information, refer to the
consolidated financial statements and footnotes thereto included in Crown
Vantage Inc.'s Annual Report to Shareholders and Form 10-K for the year ended
December 27, 1998.

NOTE 2  --  BASIC LOSS PER SHARE
------

     The computations of basic loss per share are based on the weighted average
number of shares of common stock outstanding during the periods. The weighted
average number of shares outstanding for the periods presented are 10,497,000
and 9,560,000 for the quarters ended September 26, 1999 and September 27, 1998,
respectively, and 10,440,000 and 9,363,000 for the nine months ended September
26, 1999 and September 27, 1998, respectively.

NOTE 3  --  INCOME TAX
------

     The income tax benefits for the quarter and nine months ended September 27,
1998 were provided based on the Company's estimated annual tax rate of 35.0%.
The tax provisions for the quarter and nine months ended September 26, 1999 are
for certain non-income based state taxes and foreign income taxes. During 1999
the Company has recorded a $ 26.7 million valuation allowance against the
deferred tax assets (of which approximately $ 9.2 million was recorded during
the third quarter of 1999) reducing the tax benefit of the 1999 net operating
loss to $0.

                                       6
<PAGE>

NOTE 4  --  LONG TERM DEBT
------

Consolidated long-term debt consists of the following:

<TABLE>
<CAPTION>
                                                            September 26        December 27
                                                               1999                1998
                                                            ------------        -----------
                                                              (in thousands of dollars)
<S>                                                         <C>                 <C>
CROWN PAPER CO.
     Credit Facility:
             Revolving credit, due 2002                       $ 105,000           $  75,000
             Term Loan B, due 2003                               80,425              96,175
                                                              ---------           ---------
                                                                185,425             171,175
             11% Senior Subordinated Notes, due 2005            250,000             250,000
             Industrial Revenue Bonds, payable to 2026           39,095              39,074
                                                              ---------           ---------
                                                                474,520             460,249

CROWN VANTAGE INC.
             11.45% Senior Pay-in-Kind Notes, due 2007
                    less unamortized discount                   109,504              95,992
                                                              ---------           ---------
                                                                584,024             556,241
             Less current portion                                   836               1,000
                                                              ---------           ---------
                                                              $ 583,188           $ 555,241
                                                              =========           =========
</TABLE>

     Maturities of long-term debt, excluding the revolving credit, for the next
five fiscal year-ends are: 1999 - $.2 million remaining; 2000 - $1.0 million;
2001 - $.6 million; 2002 - $39.3 million and 2003 - $39.3 million.

NOTE 5  --  INVENTORIES
------

<TABLE>
<CAPTION>
                                                            September 26, 1999       December 27, 1998
                                                            ------------------       -----------------
                                                                     (in thousands of dollars)
<S>                                                         <C>                      <C>
Raw materials                                                    $   19,185             $   24,716
Work in process                                                       5,413                  6,757
Finished goods                                                       32,153                 46,469
Stores and supplies                                                  21,428                 34,142
                                                                 ----------             ----------
                                                                     78,179                112,084
Reduction to state inventories at last-in, first-out cost            (8,750)                (9,687)
                                                                 ----------             ----------
                                                                 $   69,429             $  102,397
                                                                 ==========             ==========
</TABLE>

                                       7
<PAGE>

NOTE 6  --  LITIGATION AND ENVIRONMENTAL MATTERS
------

     The Company is a party to various legal proceedings generally incidental to
its business and is subject to a variety of environmental protection statutes
and regulations. As is the case with other companies in similar industries, the
Company faces exposure from actual or potential claims and legal proceedings
involving environmental matters. Although the ultimate disposition of legal
proceedings cannot be predicted with certainty, it is the present opinion of the
Company's management that the outcome of any claim that is pending or
threatened, either individually or on a combined basis, will not have a
materially adverse effect on the consolidated financial position of the Company
but could materially affect consolidated results of operations in a given year.

     The Company has accrued $10.1 million at September 26, 1999 and $12.2
million at December 27, 1998 primarily for estimated landfill site restoration,
post-closure and monitoring costs. The 1998 liability included $2.4 million of
estimated liabilities that were included with the sale of Berlin-Gorham (see
Note 10). In addition, the Company has been identified as a potentially
responsible party ("PRP"), along with others, under the Comprehensive
Environmental Response, Compensation and Liability Act or similar federal and
state laws regarding the past disposal of wastes at 19 sites in the United
States. The Company has previously settled its remediation obligations at 12 of
those sites. At 6 other sites, the Company is one of many potentially
responsible parties and its alleged contribution to the site and remediation
obligation is not considered significant. At one other site, remedial
investigation is underway and a loss estimate for the potential remediation
effort costs is not yet possible. However, the Company's accrual for the
remediation investigation effort was $.3 million at September 26, 1999 and $.4
million at December 27, 1998. The liabilities can change substantially due to
such factors as the solvency of other potentially responsible parties, the
Company's share of responsibility, additional information on the nature or
extent of contamination, methods and associated costs of remediation required,
and other actions by governmental agencies or private parties. While it is not
feasible to predict the outcome of all environmental liabilities, based on its
most recent review, management estimates the Company's share of the costs of
investigation and remediation of the known sites will not have a material
adverse effect upon the consolidated financial condition of the Company.

     Due to uncertainties associated with remediation activities, regulations,
technologies, and the allocation of costs among various other parties, actual
costs to be incurred at identified sites may vary from estimates. Therefore,
management is unable to determine if the ultimate disposition of all known
environmental liabilities will have a material adverse effect on the Company's
consolidated results of operations in a given year. As with most manufacturing
and many other entities, there can be no assurance that the Company will not be
named as a PRP or incur liabilities through other means at additional sites in
the future or that the costs associated with such additional sites would not be
material.

     The Environmental Protection Agency signed final rules affecting pulp and
paper industry discharges of wastewater and gaseous emissions ("Cluster Rules")
which became effective on April 15, 1998. These Cluster Rules require changes in
the pulping, bleaching and/or wastewater treatment processes presently used in
some U.S. pulp and paper mills, including one of the Company's mills. Based on
management's understanding of the rules, the Company estimates that
approximately $16 million of additional capital expenditures may be required at
the St. Francisville facility to comply with the rules with compliance dates
beginning in 1999 and extending over the next two to five years. The Company has
incurred capital spending of $2.8 million during 1999 and $6.4 million since
inception to date to comply with the Cluster Rules at the St. Francisville
facility. There are risks and uncertainties associated with the Company's
estimate that could cause total capital expenditures and timing of such
expenditures to be materially different from current estimates, including
changes in technology, interpretation of the rules by government agencies that
is substantially different from the Company's interpretation, or other items.

                                       8
<PAGE>

NOTE 7 - ASSET IMPAIRMENT ANALYSIS
------

     The Company assesses the recoverability of its investments in long-lived
assets to be held and used in operations whenever events or circumstances
indicate that their carrying amounts may be impaired. Such assessment requires
that the future cash flows expected to result from use of the assets are
estimated and an impairment loss recognized when future cash flows are less than
the carrying value of such assets. Estimating future cash flows requires the
Company to estimate useful lives of its long-lived assets, future production
volumes and costs, future sales volumes, demand for the Company's product mix
and prices that reflect the use of its long-lived assets and market conditions.
Although the Company believes it has a reasonable basis for its estimates, it is
reasonably possible that the Company's estimate of future cash flows could
change from current estimates, which could result in recognizing, in future
periods, impairment losses on its long-lived assets.

NOTE 8 -- COMPREHENSIVE INCOME
------

     Comprehensive income for the Company consists of net income, foreign
currency translation adjustments and minimum pension liability adjustments.
During the third quarter of 1999 and 1998, the Company's total comprehensive
loss was $22.1 million and $5.8 million, respectively, and for the nine months
ended September 26, 1999 and September 27, 1998 the Company's total
comprehensive loss was $72.7 million and $32.4 million, respectively.

NOTE 9 -- SETTLEMENT OF BERLIN PROPERTY TAX CASE
------

     On February 1, 1999, the Company finalized an agreement with the City of
Berlin, N.H., concerning assessed values and taxability of factory machinery.
The Company reversed a property tax accrual, which was accrued at the higher
assessed values, of approximately $9 million in the first quarter of 1999, which
relates to amounts over accrued for previous tax years.

NOTE 10 -- BERLIN-GORHAM SALE
-------

     On July 9, 1999, Crown Vantage completed the sale of the Berlin-Gorham pulp
and paper mills ("Berlin-Gorham") to American Tissue Company ("ATC"). The sale
resulted in a charge of $16.2 million, which was recorded in the first quarter
of 1999 and consisted of the following elements:

<TABLE>
<S>                                                      <C>
(amounts in millions)
Fixed asset write-down                                   $  16.5
Transaction costs                                            2.5
Loss on curtailment of pension plans                         3.4
Gain on curtailment/settlement of other benefit plans       (6.2)
                                                         -------
   Total Charge                                          $  16.2
                                                         =======
</TABLE>

     Net proceeds from the sale of Berlin-Gorham were approximately $42.5
million of which $15 million was used to pay down Term Loan B, with the
remainder used to pay down the revolving credit facility. In connection with the
sale, the Company retained accounts payable and certain other short term
operating liabilities of approximately $15 million at July 9, 1999.

                                       9

<PAGE>

NOTE 11-- SETTLEMENT OF CO-GENERATION LEASE
-------

     In the fourth quarter of 1998, management determined that the leased gas
turbine co-generation facility at the St. Francisville, La mill no longer
provided substantive use or benefit. Accordingly, a $16.9 million charge was
recognized in the fourth quarter of 1998 that represented discounted net future
lease payments.

     On July 18, 1999 an explosion occurred at the St. Francisville mill with
damage limited primarily to the leased co-generation facility. As allowed under
the lease terms, the Company terminated the lease in exchange for a $16.3
million termination payment in the third quarter of 1999. The termination
payment, which approximated the net present value of future lease payments, was
charged against the reserve established in the fourth quarter of 1998. As a
result of the lease termination, the Company took title to the leased facility
and was released from a $24.7 million letter of credit. A $3.5 million gain
(included in "Other operating income, net") was recorded during the third
quarter of 1999 primarily from a partial payout of insurance proceeds as a
result of the explosion. The insurance proceeds were collected during October of
1999.

NOTE 12-- EXPENSE REDUCTION EFFORTS
-------

     During the third quarter of 1999, the Company announced the intended move
of its Oakland, Ca headquarters to Cincinnati, Ohio. A reserve for severance and
relocation costs (included in "Other operating income, net") was recorded during
the third quarter of 1999 totaling $3.1 million. On October 28, 1999 the Company
announced that, in addition to the relocation of the Oakland headquarters,
additional efforts to reduce general and administrative costs are underway
which are likely to result in further headcount reduction. Accruals for
severance and other costs associated with a headcount reduction will be recorded
once the plans are finalized and approved by management.

NOTE 13-- DEBT COVENANTS
-------

     In connection with the Credit Facility, Crown Paper Co. is required to
comply with certain financial covenants that include minimum quarterly cash flow
to debt and interest coverage ratios as well as minimum tangible net worth.
Crown Paper Co. was in compliance with the covenants contained in the Credit
Facility at the end of the 3rd quarter 1999. In November 1999, the Company
closed its books for the month of October 1999 and determined that Crown Paper
Co. no longer complied with the tangible net worth requirements. In addition,
the Company anticipates that Crown Paper Co. will not comply with the 4th
quarter 1999 and fiscal year end 2000 cash flow to debt ratio and interest
coverage ratio covenants contained in the Credit Facility.

     Crown Paper Co. is currently seeking a waiver of the tangible net worth
violation from its senior secured lenders and expects to seek amendments to the
4th  quarter cash flow to debt and interest coverage ratios during the 4th
quarter 1999.  The Company also expects to address the 2000 covenants at its
annual senior secured lenders meeting in the 1st quarter of 2000.

     Crown Paper Co. has amended its financial debt covenants each year for the
last three years as extended weakness in the paper markets prevented the Company
from achieving the original financial covenants established at the peak of the
paper market cycle in 1995. While Crown Paper Co. has successfully amended its
covenants in the past, there is no assurance that it will be successful in
obtaining a waiver of the tangible net worth violation. In addition, there is no
assurance that Crown Paper Co.'s senior secured lenders would be willing to
amend 4th quarter 1999 or fiscal year end 2000 covenants.

     The violation of the tangible net worth requirement has resulted, and, if
there were to be a violation of the cash flow to debt and interest coverage
ratios, would result, in an event of default under the Credit Facility. Lenders
that are party to the Credit Facility have the right, as a result of the event
of default, to exercise certain remedies including accelerating the indebtedness
thereunder or denying requests for further advances under the revolving credit
facility. Should the lenders exercise their remedies by limiting advances, the
Company's principal source of liquidity would not be available, and in the event
that the lenders accelerated indebtedness under the Credit Facility, such action
may cause a cross acceleration under the Company's public debt and other debt
arrangements. If the Company is unsuccessful in obtaining a waiver, and the
senior secured lenders chose to take the actions described above, the Company's
financial condition would be materially adversely affected and the Company would
be required to restructure substantially all of its outstanding indebtedness.
There is no assurance that the Company would be successful in doing so.


                                       10

<PAGE>

NOTE 14-- SEGMENT INFORMATION
-------

     The Company is organized around two segments based primarily on
similarities in products, the manufacturing process and customers. Berlin-Gorham
was previously presented as part of Printing and Publishing Papers. It is now
shown separately for purposes of presentation only.

<TABLE>
<CAPTION>
                                                  Nine Months                        Third Quarter
-----------------------------------------------------------------------------------------------------------
(amounts in thousands)                      1999             1998              1999              1998
-----------------------------------------------------------------------------------------------------------
<S>                                      <C>              <C>               <C>               <C>
Operating income (loss):
   Printing & Publishing Papers          $   3,396        $  18,576         $    (309)        $   8,297
   Specialty Papers                        (14,584)           2,773            (6,701)              492
   Berlin-Gorham                           (12,869)         (24,262)             (280)           (2,894)
-----------------------------------------------------------------------------------------------------------
   Total                                   (24,057)       $  (2,913)        $  (7,290)         $  5,895
-----------------------------------------------------------------------------------------------------------
EBITDA:
   Printing & Publishing Papers          $  33,239        $  46,697         $   9,498         $  15,862
   Specialty Papers                          1,514           20,970            (1,343)            8,279
   Berlin-Gorham                            (4,272)          (6,377)             (280)            2,876
-----------------------------------------------------------------------------------------------------------
   Total                                 $  30,481        $  61,290         $   7,875         $  27,017
-----------------------------------------------------------------------------------------------------------
Net sales:
   Printing & Publishing Papers          $ 243,031        $ 266,450         $  81,920         $  87,337
   Specialty Papers                        244,742          261,502            80,531            84,869
   Berlin-Gorham                            84,603          121,035             3,878            39,562
-----------------------------------------------------------------------------------------------------------
   Total                                 $ 572,376        $ 648,987         $ 166,329         $ 211,768
-----------------------------------------------------------------------------------------------------------
</TABLE>

     Operating results for the first nine months of 1999 for Berlin-Gorham
include a $16.2 million charge for the adjustment of Berlin-Gorham to its net
realizable value (Note 10) and a $9.0 million property tax accrual reversal
(Note 9). EBITDA represents income before income taxes, interest expense and
depreciation and amortization. EBITDA for the first nine months of 1999 for
Berlin-Gorham excludes the effect of the $16.2 million charge and $9 million
property tax accrual reversal. Total assets for Printing and Publishing Papers
decreased by approximately $116.7 million during the first nine months of 1999
compared to December 27, 1998. The decrease in total assets of Printing and
Publishing Papers is primarily due to the sale of Berlin-Gorham, the $16.2
million charge discussed above, and depreciation expense exceeding capital
spending. Specialty Papers' total assets decreased by approximately $5.8 million
during the first nine months of 1999 primarily due to depreciation expense
exceeding capital spending.

                                       11
<PAGE>

ITEM 2  --  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
------
FINANCIAL CONDITION

     Crown Vantage Inc. and subsidiaries (the "Company" or "Crown Vantage") is a
major producer and marketer of value-added paper products for a diverse array of
end-uses. The Company operates in two segments: printing and publishing papers
and specialty papers. Printing and publishing papers are primarily for
applications such as special interest magazines, catalogs, books, custom
business forms, corporate communications and promotions (e.g. annual reports and
stationery) and other graphics applications. Specialty papers are principally
for food and retail packaging applications and conversion into such items as
coffee filters, labels, cups and plates.

     The Company operates 9 facilities using 26 paper machines, and its paper
production was approximately 50% integrated with the Company's pulp operations.
The Company's largest facility is an integrated operation located in St.
Francisville, La. St. Francisville produces coated groundwood papers for
magazines and catalogs and uncoated specialty converting papers. The Company
also produces uncoated printing and publishing papers, primarily text, cover and
writing papers, at its non-integrated facilities in Adams, Mass.; Ypsilanti,
Mich., and Dalmore and Guardbridge, Scotland. In addition to its primary paper-
making operations, the Company operates a cast-coating facility in Richmond,
Va., that produces coated paper and board for graphics and packaging uses. The
Company's specialty papers are produced primarily at non-integrated specialty
packaging papers facilities in Port Huron and Parchment, Mich., and Milford,
N.J. and on the two uncoated specialty converting machines at St. Francisville.
On July 9, 1999, the Company completed the sale of its Berlin-Gorham pulp and
paper mills ("Berlin-Gorham") to American Tissue Holdings Inc. ("ATC") for $45
million. Net proceeds from the sale of Berlin-Gorham were used to fund certain
retained liabilities and pay down debt. Berlin-Gorham primarily produced
uncoated printing and publishing papers as well as market pulp.

Results Of Operations
---------------------

     The Company's net sales for each business segment are as follows:

<TABLE>
<CAPTION>
                                                                    Net Sales and Tonnage by Segment
                                                                       for the Three Months Ended
                                                     September 26, 1999                           September 27, 1998
                                          --------------------------------------       -------------------------------------
                                                Tons                 Sales                  Tons                 Sales
                                          -----------------     ----------------       ----------------     ----------------
                                                                  (thousands)                                  (thousands)
<S>                                       <C>                   <C>                    <C>                  <C>
Printing and Publishing Papers
      Coated groundwood                              72,189             $ 49,925                 74,042             $ 60,306
      Uncoated and other                             21,937               31,995                 16,283               27,031
Specialty Papers                                     83,388               80,531                 81,761               84,869
                                          -----------------     ----------------       ----------------     ----------------
           Total excluding Berlin-Gorham            177,514              162,451                172,086              172,206
Berlin-Gorham                                         8,245                3,878                 69,812               39,562
                                          -----------------     ----------------       ----------------     ----------------
                                                    185,759             $166,329                241,898             $211,768
                                          =================     ================       ================     ================
</TABLE>

                                       12
<PAGE>

<TABLE>
<CAPTION>
                                                                    Net Sales and Tonnage by Segment
                                                                        for the Nine Months Ended
                                                     September 26, 1999                           September 27, 1998
                                          --------------------------------------       -------------------------------------
                                                Tons                 Sales                  Tons                 Sales
                                          ----------------     -----------------       ---------------     -----------------
                                                                  (thousands)                                 (thousands)
<S>                                       <C>                  <C>                     <C>                 <C>
Printing and Publishing Papers
      Coated groundwood                            216,582              $152,383               217,082              $177,841
      Uncoated and other                            59,724                90,648                52,828                88,609
Specialty Papers                                   251,706               244,742               246,693               261,502
                                          ----------------     -----------------       ---------------     -----------------
           Total excluding Berlin-Gorham           528,012               487,773               516,603               527,952
Berlin-Gorham                                      156,542                84,603               204,828               121,035
                                          ----------------     -----------------       ---------------     -----------------
                                                   684,554              $572,376               721,431              $648,987
                                          ================     =================       ===============     =================
</TABLE>

Net Sales

     Net sales, excluding Berlin-Gorham, declined 7.6% in the first nine months
of 1999 compared to the first nine months of 1998. The decline in net sales is
primarily due to a 9.6% decline in average net selling price per ton during the
first nine months of 1999 compared to the first nine months of 1998. This was
partially offset by an increase in tons sold of approximately 2.2% during the
periods compared. Net sales, excluding Berlin-Gorham, for the third quarter of
1999 declined 5.7% when compared to the third quarter of 1998. The decline in
net sales is primarily due to an 8.5% decrease in average net selling price per
ton that was partially offset by a 3.2% increase in tons sold.

     Net sales of coated groundwood paper (which is used principally in the
production of magazines and catalogs) for the nine-month period ended September
26, 1999 decreased 14.3% compared to the same period in 1998. Sales volume was
virtually the same for the first nine months of 1999 compared to the same period
in 1998, while average net sales price per ton decreased 14.1% from the first
nine months of 1998 to the first nine months of 1999. Third quarter 1999 net
sales declined 17.2% as compared to the third quarter of 1998, primarily due to
a 15.1% decrease in average net sales price per ton and a 2.5% decrease in tons
sold. The decrease in tons sold for the quarter is primarily due to minor
mechanical failures that reduced coated groundwood production and thereby
availability of tons for sale.

     Net sales of uncoated and other papers within printing and publishing
papers in the first nine months of 1999 increased 2.3% to $90.6 million from the
first nine months of 1998. The increase in net sales from the first nine months
1998 to the first nine months 1999 is primarily due to an increase in tons sold
of 6,896 or 13.1% that was partially offset by a decline in average net sales
price per ton of 9.5%. The increase in tons sold and net sales is primarily due
to the inclusion of approximately 4,100 tons sold (approximately $4.6 million in
sales) under a Strategic Alliance Agreement with ATC. Under the Strategic
Alliance Agreement the Company markets certain grades of text and cover papers
manufactured at Berlin-Gorham for an agreed upon fee. Net sales during the third
quarter of 1999 increased by $5.0 million or 18.4% primarily due to the
inclusion of the tons sold under the Strategic Alliance Agreement discussed
above.

     Specialty Papers' net sales decreased $16.8 million during the nine months
ended September 26, 1999 as compared to the same period in 1998. The 6.4%
decrease in net sales is primarily the result of an 8.3% decrease in average net
sales price per ton during the nine months ended September 26, 1999 compared to
the nine months ended September 27, 1998, which was partially offset by a 2.0%
increase in tons sold. Net sales of specialty papers declined 5.1% during the
third quarter of 1999 compared to the third quarter of 1998, primarily due to a
7.0% decrease in average net sales price per ton that was partially offset by a
2.0% increase in tons sold.

                                       13
<PAGE>

Operating Income

Operating Income (Loss) for each business segment is as follows:

<TABLE>
<CAPTION>
                                             Operating Results by Segment           Operating Results by Segment
                                                for the Quarter Ended                 for the Nine Months Ended
                                        ----------------------------------       -----------------------------------
                                        Sept. 26, 1999      Sept. 27, 1998       Sept. 26, 1999       Sept. 27, 1998
                                        --------------      --------------       --------------       --------------
                                                    (Thousands)                             (Thousands)
<S>                                     <C>                 <C>                  <C>                  <C>
Printing and Publishing Papers            $   (309)             $   8,297           $   3,396            $  18,576
Specialty Papers                            (6,701)                   492             (14,584)               2,773
 Total excluding Berlin-Gorham              (7,010)                 8,789             (11,188)              21,349
Berlin-Gorham                                 (280)                (2,894)            (12,869)             (24,262)
                                          --------              ---------           ---------            ---------
                                          $ (7,290)             $   5,895           $ (24,057)           $  (2,913)
                                          ========              =========           =========            =========
</TABLE>

     Operating results for the first nine months of 1999 decreased primarily due
to a charge of $16.2 million that adjusts Berlin-Gorham's net book value to its
estimated net realizable value. This charge was partially offset by a $9 million
reversal of a property tax accrual that resulted from the settlement of an
ongoing dispute with the City of Berlin. Operating results also decreased due to
the decline in average net sales price per ton discussed above that was
partially offset by reduced costs per ton for the nine months ended September
26, 1999 as compared to the nine months ended September 27, 1998. The reduction
in costs for this period is primarily due to lower pulp costs and improved
operating efficiencies. Operating results for the third quarter of 1999 as
compared to the third quarter of 1998 decreased by approximately $13.2 million
primarily due to unfavorable price variances and partially due to increases in
pulp and wood fiber costs. The higher pulp costs are attributed to both price
increases in pulp during the third quarter of 1999 and increased usage of this
higher priced pulp at the Company's integrated mill due to a temporary minor
mechanical failure at its kraft pulp mill. Also impacting costs were higher
personnel and maintenance costs associated with this mechanical failure, and
one-time pension expense associated with two closed facilities. During the third
quarter of 1999 a gain of $3.5 million was recorded primarily for insurance
proceeds from the explosion of St. Francisville's leased co-generation facility
(see "Settlement of Co-Generation Lease"). This was partially offset by an
accrual of $3.1 million for severance and relocation expenses associated with
moving the Company's headquarters from Oakland California, to Cincinnati Ohio
(see "Expense Reduction Effort").

     Operating results for Printing and Publishing Papers decreased by $15.2
million during the first nine months of 1999 compared to the same period in
1998. The decrease in operating results was primarily due to the decline in
average net sales price per ton discussed above. This was partially offset by
favorable cost and volume variances of $16.3 million. Lower costs were primarily
due to successful headcount reduction efforts initiated in1998, lower wood and
pulp costs and improved operating efficiencies. Operating results decreased by
approximately $8.6 million during the third quarter of 1999 compared to the
third quarter of 1998. The decrease is primarily due to the decline in average
net sales price per ton discussed above and increases in pulp costs. Third
quarter of 1999 operating results include $1.1 million in income from
miscellaneous asset sales and certain cost reimbursements.

     Specialty Papers operating results decreased $17.4 million to an operating
loss of $14.6 million for the first nine months of 1999 compared to operating
income of $2.8 million for the first nine months of 1998. The decline in
operating results is primarily attributable to an 8.3% decline in average net
sales price per ton discussed above that was partially offset by a favorable
cost variance. Operating results for the third quarter of 1999 declined by $7.2
million compared to the third quarter of 1998. The decline in third quarter of
1999 results is primarily due to a 7.0% decrease in average net sales price per
ton and unfavorable cost variances that was partially offset by the increase in
tons sold.

     Berlin-Gorham operating results improved by $11.4 million during the nine
months ended September 26, 1999 as compared to the nine months ended September
27, 1999. Operating results improved primarily due to Berlin-Gorham being
included in operating results for 6 months and 11 days in 1999 versus nine

                                       14
<PAGE>

months in 1998, a $16.2 million decrease in depreciation expense in 1999
compared to 1998 due to the asset impairment charge recorded in the fourth
quarter of 1998 and a $9 million reversal of a property tax accrual (discussed
above). The items discussed above were partially offset by an 8.5% decrease in
average net selling price per ton in 1999 compared to 1998 and the $16.2 million
adjustment of Berlin-Gorham's net book value to its estimated net realizable
value recorded in the first quarter of 1999. Operating results for the third
quarter of 1999 improved by $2.6 million as compared to the third quarter of
1998. The improved operating results are primarily due to Berlin-Gorham only
operating for 11 days during the quarter.

     Selling and administrative expenses decreased $2.8 million for the first
nine months of 1999 compared to the same period in 1998.  The decrease is
primarily due to commission income and expense reimbursement under various
agreements with ATC. Selling and administrative expenses decreased by $3.7
million during the third quarter of 1999 compared to the third quarter of 1998
primarily for the reason stated above.

Interest Expense
----------------

     Interest expense for the nine-month period of 1999 decreased $1.5 million
compared to the same period in 1998. Interest expense for the third quarter of
1999 decreased $.5 million when compared to the same period in 1998. The
decrease in interest expense for the periods presented is primarily due to the
settlement with Fort James Corporation of certain disputes that resulted in the
return of $33 million in Senior Pay-in-Kind Notes in the fourth quarter of 1998.

Liquidity and Sources of Capital
--------------------------------

     In connection with a spin-off in August of 1995, the Company obtained $250
million in financing through a public offering of Senior Subordinated Notes and
$253 million initial borrowings under a $350 million credit facility
(collectively, the "Financing"). The net proceeds from the Financing were paid
to James River Corporation of Virginia, now known as Fort James Corporation
("Fort James"), together with $100 million Senior Pay-in-Kind Notes as a return
of James River's capital investment.

     Under the credit facility, the revolving credit available is in the
aggregate amount of $150 million with a $75 million sublimit for letters of
credit (of which $7.9 million has been used at September 26, 1999) and can be
used for general corporate purposes, working capital needs and permitted
investments. At September 26, 1999, $105.0 million of the revolving credit was
outstanding and $37.1 million of the aggregate line was available if needed.

     Cash flows used by operating activities were $38.3 million for the nine
months ended September 26, 1999 compared to cash flows provided by operations of
$6.8 million for the nine months ended September 27, 1998. The decline in
operating cash flows is primarily due to the average net sales price per ton
decrease discussed in Net Sales and the $16.3 million lease termination payment.
Earnings before interest, taxes, depreciation and amortization (EBITDA), the
Berlin-Gorham charge and property tax accrual reversal were $30.5 million for
the first nine months of 1999 as compared to $61.3 million for the comparable
period in 1998.

     The Company's business is capital intensive. Pulp and paper mills generally
consist of an extensive network of buildings, machinery, and equipment, which
require continual upgrades, replacement, modernization and improvement. The
Company's capital expenditures for the nine months ended September 26, 1999 were
$24.3 million compared to $34.2 million in the same period in 1998. 1999 and
1998 expenditures primarily represented capital maintenance projects that are
substantially focused on projects with the quickest returns on investment. The
Company's capital spending plan is approximately $32 million for 1999. These
capital expenditures are primarily for capital maintenance projects and are
expected to be financed by cash flows from operations and available financing
sources.

                                       15
<PAGE>

Settlement of Berlin Property Tax Case
--------------------------------------

     On February 1, 1999, the Company finalized an agreement with the City of
Berlin, N.H., concerning assessed values and taxability of factory machinery.
The Company reversed a property tax accrual, which was accrued at higher
assessed values, of approximately $9 million in the first quarter of 1999, which
relates to amounts over-accrued for previous tax years.

Berlin-Gorham Sale
------------------

     On July 9, 1999, Crown Vantage completed the sale of the Berlin-Gorham pulp
and paper mills ("Berlin-Gorham") to American Tissue Company ("ATC"). The sale
resulted in a charge of $16.2 million, which was recorded in the first quarter
of 1999 and consisted of the following elements:

<TABLE>
<S>                                                      <C>
(amounts in millions)
Fixed asset write-down                                   $  16.5
Transaction costs                                            2.5
Loss on curtailment of pension plans                         3.4
Gain on curtailment/settlement of other benefit plans       (6.2)
                                                         -------
   Total Charge                                          $  16.2
                                                         =======
</TABLE>

     Net proceeds from the sale of Berlin-Gorham were approximately $42.5
million of which $15 million was used to pay down Term Loan B, with the
remainder used to pay down the revolving credit facility. In connection with the
sale, the Company retained accounts payable and certain other short term
operating liabilities of approximately $15.0 million at July 9, 1999.

Settlement of Co-Generation Lease
---------------------------------

     In the fourth quarter of 1998, management determined that the leased gas
turbine co-generation facility at the St. Francisville, La mill no longer
provided substantive use or benefit. Accordingly, a $16.9 million charge was
recognized in the fourth quarter of 1998 that represented discounted net future
lease payments.

     On July 18, 1999 an explosion occurred at the St. Francisville mill with
damage limited primarily to the leased co-generation facility. As allowed under
the lease terms, the Company terminated the lease in exchange for a $16.3
million termination payment in the third quarter of 1999. The termination
payment, which approximated the net present value of future lease payments, was
charged against the reserve established in the fourth quarter of 1998. As a
result of the lease termination, the Company took title to the leased facility
and was released from a $24.7 million letter of credit. A $3.5 million gain
(included in "Other operating income, net") was recorded during the third
quarter of 1999 primarily from a partial payout of insurance proceeds as a
result of the explosion. The insurance proceeds were collected during October of
1999.

Expense Reduction Efforts
-------------------------

     During the third quarter of 1999, the Company announced the intended move
of its Oakland, Ca headquarters to Cincinnati, Ohio. A reserve for severance and
relocation costs (included in "Other operating income, net") was recorded during
the third quarter of 1999 totaling $3.1 million. On October 28, 1999 the Company
announced that, in addition to the relocation of the Oakland headquarters,
additional efforts to reduce general and administrative costs are underway
which are likely to result in further headcount reduction. Accruals for
severance and other costs associated with a headcount reduction will be recorded
once the plans are finalized and approved by management.

                                       16
<PAGE>

Year 2000
---------

     The Year 2000 issue concerns the potential inability of computer
applications, information technology systems, and certain software-based
"embedded" control systems to properly recognize and process date-sensitive
information as the Year 2000 approaches and beyond. The Company could suffer
material adverse impacts on its operations and financial results if the
applications and systems used by the Company, or by third parties with whom the
Company does business, do not accurately or adequately process or manage dates
or other information as a result of the Year 2000 issue.

     The Company has completed its review, remediation and testing for all its
systems including its financial accounting system, business information systems,
accounting subsystems, process control systems and related software,
communication devices, and networking and other operating systems. Management
believes the Company is Year 2000 ready. However, due to the complex nature of
the issue and the reliance upon third party representations, including third
parties that were used to test and verify our Year 2000 readiness, there can be
no assurance that all Year 2000 issues related to these systems have been
adequately addressed.

     The Company has certain key relationships with customers, vendors and
outside service providers. Failure by the Company's key customers, vendors and
outside service providers to adequately address the Year 2000 issue could have a
material adverse impact on the Company's operations and financial results. The
Company continues to assess the Year 2000 readiness of these key customers,
vendors and outside service providers and, at this time, it appears that there
will be no significant interruption of business between the Company and these
outside parties. This assessment includes but is not limited to soliciting
responses from each of these parties concerning their Year 2000 readiness and
review of public documents filed by many of these parties. Management continues
to assess key customers, vendors and outside service providers and is
continually updating contingency plans as needed. The Company is primarily
relying upon the voluntary disclosures from third parties for this review of
their Year 2000 readiness.

     The Company is also developing contingency plans regarding the Year 2000
issue for its internal systems. Many of the identified risks from key customers,
vendors and outside service providers are both general and speculative in
nature, such as possible power or telecommunication failures, breakdowns in
transportation systems, inability to process financial transactions, and similar
events affecting general business services. As the Company completes its
assessment of Year 2000 readiness of key customers, vendors and outside service
providers, management intends to develop contingency plans to mitigate material
known detrimental effects that may be caused by their Year 2000 noncompliance.
However, it is unlikely that any contingency plan would mitigate the adverse
impact to the financial condition or operations of the Company of any
catastrophic event due to the Year 2000 issue that leads to a prolonged
disruption of essential services.

     Year 2000 costs were approximately $3.5 million. The costs associated with
this effort were in addition to the Company's regular information technology
budget. In addition to the costs mentioned above, the Company's capital spending
for planned upgrading of certain information systems to enhance the capabilities
of those systems was accelerated in part due to the Year 2000 issue. The total
capitalized cost of accelerated capital spending for these systems was
approximately $2.5 million. The Company does not anticipate any additional
material expenditures relating to our Year 2000 readiness. However, new
developments may occur that could increase the Company's costs for Year 2000
readiness. These potential developments include but are not limited to the
Company's ability to have located and corrected all relevant computer codes and
equipment, and any unanticipated Year 2000 problems from key customers, vendors,
and outside service providers.

                                       17
<PAGE>

Debt Covenants
--------------

     In connection with the Credit Facility, Crown Paper Co. (a wholly owned
subsidiary of Crown Vantage) is required to comply with certain financial
covenants that include minimum quarterly cash flow to debt and interest coverage
ratios as well as minimum tangible net worth. Crown Paper Co. was in compliance
with the covenants contained in the Credit Facility at the end of the 3rd
quarter 1999. In November 1999, the Company closed its books for the month of
October 1999 and determined that Crown Paper Co. no longer complied with the
tangible net worth requirements. In addition, the Company anticipates that Crown
Paper Co. will not comply with the 4th quarter 1999 and fiscal year end 2000
cash flow to debt ratio and interest coverage ratio covenants contained in the
Credit Facility.

     Crown Paper Co. is currently seeking a waiver of the tangible net worth
violation from its senior secured lenders and expects to seek amendments to the
4th  quarter cash flow to debt and interest coverage ratios during the 4th
quarter 1999.  The Company also expects to address the 2000 covenants at its
annual senior secured lenders meeting in the 1st quarter of 2000.

     Crown Paper Co. has amended its financial debt covenants each year for the
last three years as extended weakness in the paper markets prevented the Company
from achieving the original financial covenants established at the peak of the
paper market cycle in 1995. While Crown Paper Co. has successfully amended its
covenants in the past, there is no assurance that it will be successful in
obtaining a waiver of the tangible net worth violation. In addition, there is no
assurance that Crown Paper Co.'s senior secured lenders would be willing to
amend 4th quarter 1999 or fiscal year end 2000 covenants.

     The violation of the tangible net worth requirement has resulted, and, if
there were to be a violation of the cash flow to debt and interest coverage
ratios, would result, in an event of default under the Credit Facility. Lenders
that are party to the Credit Facility have the right, as a result of the event
of default, to exercise certain remedies including accelerating the indebtedness
thereunder or denying requests for further advances under the revolving credit
facility. Should the lenders exercise their remedies by limiting advances, the
Company's principal source of liquidity would not be available, and in the event
that the lenders accelerated indebtedness under the Credit Facility, such action
may cause a cross acceleration under the Company's public debt and other debt
arrangements. If the Company is unsuccessful in obtaining a waiver, and the
senior secured lenders chose to take the actions described above, the Company's
financial condition would be materially adversely affected and the Company would
be required to restructure substantially all of its outstanding indebtedness.
There is no assurance that the Company would be successful in doing so.

Forward Looking Statements
--------------------------

     Certain statements within Management's Discussion and Analysis and
elsewhere are forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are subject to various risks and
uncertainties that could cause the actual results to be materially different
from the Company's current expectations. These forward-looking statements can be
identified by use of language such as plans, expects, estimates, anticipates,
believes, possible and other similar words or phrases. In addition to the
factors discussed above, there are other factors that could cause the actual
results to differ materially. These other factors include but are not limited to
business conditions and the general economy, both global and domestic; prices
for the Company's products; competitive factors; maintaining good labor
relations; the Company's ability to successfully implement its Year 2000 plans;
the Company's ability to revise debt covenants, and maintaining good customer
relations.

                                       18
<PAGE>

ITEM 6 -- EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

     Ex.10.1   Employment Agreement with Chief Executive Officer, (a management
               contract)

     Ex.10.2   Employment Agreement with Chief Financial Officer, (a management
               contract)

     Ex.10.3   Amendment No. 2 Form of Agreement (severance) (a management
               contract)

     Ex.10.4   Separation and General Release Agreement with Christopher M.
               McLain (severance) (a management contract)

     Ex.10.5   Employment Agreement with Senior Vice President, Administration
               and General Counsel, (a management Contract)

     Ex.10.6   Employment Agreement with Senior Vice President, Printing and
               Publishing Papers, (a management contract)

     Ex.10.7   Separation and General Release Agreement with Antoinette S.
               Gabriel (severance) (a management contract)

     Ex.10.8   Separation and General Release Agreement with Katie Cutler
               (severance) (a management contract)

     Ex.27     Financial Data Schedule (Electronic Filing Only)

(b)  Reports on Form 8-K -

     N/A

                                       19
<PAGE>

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 thereunto duly authorized.

Crown Vantage Inc.
(Registrant)


/s/ R. Neil Stuart                           /s/ Michael J. Hunter
--------------------------------             -------------------------------
R. Neil Stuart                               Michael J. Hunter
Executive Vice President,                    Senior Vice President,
Chief Financial Officer                      Chief Accounting Officer
(Duly Authorized Officer)                    (Duly Authorized
                                             Chief Accounting Officer)

November 10, 1999

                                       20