Smurfit-Stone's Set to Emerge from Bankruptcy on June 30

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Smurfit-Stone Container Corp., Chicago, Ill., USA, reports that Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., has entered an order confirming the Joint Plan of Reorganization and Plan of Compromise and Arrangement (the POR) filed by the company and each of its subsidiaries and affiliates currently acting as debtors in possession under Chapter 11 of the U.S. Bankruptcy Code, including those debtors that are Canadian subsidiaries and parties to the Companies' Creditors Arrangement Act (CCAA) of Canada proceeding. This action, which follows similar relief previously granted in Canada, positions Smurfit-Stone to emerge from Chapter 11 in the U.S. and CCAA protection in Canada.

"With confirmation of the Plan of Reorganization, Smurfit-Stone is now on a path to emerge from our financial restructuring on June 30," said Patrick J. Moore, chairman and CEO of Smurfit-Stone. "Upon consummation of the restructuring plan, we will have successfully reduced our debt and realigned our capital structure in a way that dramatically improves the company's prospects for long-term growth and profitability.

"We are pleased to have been able to reach agreement with our creditors and stockholders on a plan that enables us to continue to drive value for our stakeholders and help our customers grow their businesses," Moore continued. "I particularly want to thank our employees, whose hard work and enduring dedication have allowed us to continue meeting and exceeding our customers' expectations throughout this process and whose efforts contributed greatly to positioning us for a successful emergence."