Smurfit-Stone Reorg Plan Receives Sufficient Votes for Confirmation

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In anticipation of Confirmation Hearings that commenced April 15, Smurfit-Stone, Chicago, Ill., USA, announced this past week, through pleadings filed in the U.S. Bankruptcy Court, the voting results with respect to the plan of reorganization filed in the U.S. Chapter 11 proceedings and the CCAA proceedings in Canada. The plan of reorganization, Smurfit-Stone notes, received overwhelming support from its voting creditor constituencies both in dollar amount of claims and in number of claim holders who voted on the plan, and meets the confirmation standards under the Bankruptcy Code, except with respect to Stone Container Finance Co. of Canada II, a special purpose financing subsidiary that the company has excluded from the plan of reorganization. The exclusion will not affect the timing of the company's confirmation of the other Chapter 11 plans or delay its emergence from the Chapter 11 and CCAA proceedings.