Smurfit Stone Container Corp. (PKS. SSCCQ) has filed a reorganization plan in U.S. Bankruptcy Court. The company is planning on emerging from Chapter 11 protection in early spring.
Smurfit had filed for bankruptcy protection on January 26th, has said they have prepaid the $43 million outstanding under their Debtor in Possession U.S. term loan, and plans to pay the $7 million remaining under its Canadian term loan by the end of December. Under the company's plan for restructuring, nearly all of the unsecured debt of Smurfit-Stone Container Enterprises will be converted into equity.
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Smurfit-Stone Container Corporation is an integrated manufacturer of paperboard and paper-based packaging in North America, including containerboard and corrugated containers, and is also a paper recycler. Smurfit-Stone is a holding company with no business operations of its own. Smurfit-Stone conducts its business operations through its wholly owned subsidiary Smurfit-Stone Container Enterprises, Inc. (SSCE).
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