CREVE COEUR, Mo. and CHICAGO, Feb. 23 /CNW/ -- Smurfit-Stone Container
Corporation today announced that the U.S. Bankruptcy Court in Wilmington,
Delaware, has granted final approval of its $750 million debtor-in-possession
(DIP) credit facility, which provides the company with access to the full
amount of the facility. The court had previously granted the company interim
authority to access $550 million of the DIP facility. The court also granted
final approval to various other interim orders that had been entered at the
commencement of the bankruptcy case.
Patrick J. Moore, Chairman and Chief Executive Officer, said, "We believe
that the DIP facility will provide the company with ample liquidity to operate
throughout the restructuring process. We are pleased to have completed this
initial phase of the process, and remain focused on providing our customers
with an uninterrupted supply of quality goods and services, and strengthening
our partnerships with our vendors. We are moving forward to restructure our
debt and develop a capital structure more suited to support our long-term
growth and profitability."
Smurfit-Stone and its U.S. and Canadian subsidiaries filed to reorganize
under Chapter 11 on January 26, 2009, in the U.S. Bankruptcy Court in
Wilmington, Delaware. The case number is 09-10235. The Canadian subsidiaries
also filed to reorganize under the Companies' Creditors Arrangement Act (CCAA)
in the Ontario Superior Court of Justice in Canada.
More information about Smurfit-Stone's reorganization is available on the
Company's website at www.smurfit-stone.com. Copies of all motions and
court orders are available at http://chapter11.epiqsystems.com/Smurfit.
Employee, retiree, customer and supplier inquires can be made at 877-264-9638.
If outside of the U.S. and Canada, inquiries can be made at 503-597-7694.
Smurfit-Stone Container Corporation is one of the industry's leading
integrated containerboard and corrugated packaging producers and is one of the
world's largest paper recyclers. The company is a member of the Sustainable
Forestry Initiative(R) and the Chicago Climate Exchange. Smurfit-Stone
generated revenue of $7.4 billion in 2007, has led the industry in safety
every year since 2001, and conducts its business in compliance with the
environmental, health, and safety principles of the American Forest & Paper
This press release contains statements relating to future results, which
are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to changes in general economic
conditions, continued pricing pressures in key product lines, seasonality and
higher recycled fiber and energy costs, as well as other risks and
uncertainties described in the company's Annual Report on Form 10-K for the
year ended December 31, 2007, as updated from time to time in the company's
Securities and Exchange Commission filings.
Contact: Sue Neumann, 314-656-5691
John Haudrich, 314-656-5375
For further information:
For further information: Sue Neumann, +1-314-656-5691, or John Haudrich,
+1-314-656-5375, both of Smurfit-Stone Container Corporation Web Site: