Smurfit-Stone Container Corp. this week filed its plans for reorganization, which would see the company emerge from Chapter 11 in the spring of 2010. The company announced it would be seeking bankruptcy protection last January in both U.S. and Canadian jurisdictions.
Patrick J. Moore, Chairman and CEO, said, “The filing of our Plan of Reorganization and Disclosure Statement is an important step toward Smurfit-Stone’s successful emergence from the reorganization process. Our employees, customers, suppliers and other supporters have been instrumental in our ability to reach this important milestone. We will remain focused on tackling the many challenges that remain ahead.”
The company stated it has prepaid all of the $43 million in loans outstanding in the U.S. and expects to prepay the approximately $7 million remaining of the Canadian term loan by the end of December. Smurfit-Stone will also merge all the Canadian assets under one entity, which will be held as a subsidiary.
Smurfit-Stone’s total assets had a net book value of about $5.28 billion and total debt of about $6.6 billion as of September 30, 2009.
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