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Smurfit Stone insolvency

Smurfit Stone insolvency

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Home > Business > Smurfit Stone insolvency

Smurfit Stone insolvency

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Posted: 22 June 2009 | Comments: 0
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National Debt Relief Program

Smurfit Stone insolvency

Smurfit-Stone Container Corporation, the largest manufacturer of cardboard in North America, on Monday filed Chapter 11 bankruptcy protection as it looks to a heavy debt amid a global credit crunch restructuring. The Chicago-based company, which operate almost 22,000 people at 150 facilities in North America and Asia, and employs, said it filed for protection from creditors' claims in U.S. Bankruptcy Court in Wilmington, Delaware, while it developed a financial recovery plan. Its Canadian teams are among the company's creditors Arrangement Act in the Ontario Superior Court of Justice file, the company said.

Smurfit-Stone has struggled to repay its debt, which was at the end of the third quarter, 5 billion – almost half its annual revenue of around 5 billion. Chairman and Chief Executive Patrick J. Moore said in a statement that the restructuring of its debt Smurfit-Stone would be a better capital structure to create. The company said it expects projects to continue in the bankruptcy and received commitments for up to 0 million to fund debtor-in-possession financing to continue operations. 0 million of which is a 0 million new incremental funding, while the rest is replacement of existing loans.

Earlier this month, said a report Smurfit-Stone has been actively exploring for bankruptcy protection and had hired a law firm and financial consultants with experience in bankruptcy filings. Analysts reacted positively to the foundation. The bankruptcy comes as economic news continues to deteriorate. The New York Conference Board index of leading indicators in December is expected to fall 0.3 percent in the third straight monthly decline. Furthermore, the National Association of Realtors' expects to report that sales of existing homes fell for the third consecutive month in December, follow the worst year in at least a decade for the troubled housing sector.

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Many have. Confused, the Smurfs with Smurfit-Stone National Debt Relief Program .

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Article tags:
Smurfit Stone bankruptcy , bankruptcy

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Many have. Confused, the Smurfs with Smurfit-Stone National Debt Relief Program .

RockTenn (NYSE: RKT) announced that they are board-producing Smurfit-Stone (NASDAQ: SSCC), a business now estimated at around 5 billion. The transaction will consist of 50% cash and 50% RockTenn values of each stock and Smurfit-Stone common stock at a 27% premium to Friday's close. RockTenn Chairman and CEO James Rubright said, "RockTenn acquisition of Smurfit-Stone another important step in our transformation RockTenn of the most respected companies in our business with a laser focus on exceeding the expectations of our customers and creating long term shareholder value. The cardboard packaging and corrugated cardboard industry is a very good deal, and U.S. Virgin Containerboard is a very strategic global capital. With this acquisition RockTenn's fiber input ratio of 55% virgin material and 45% will be recycled. We believe that this transaction provides the greatest career opportunities for our Employees from both companies. "Smurfit-Stone recently left bankruptcy protection on 30 June 2010.
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