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The Canadian subsidiaries also will file to reorganize under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada.
The company plans to use the process to restructure its debt, resulting in a capital structure more suited to support its long-term growth and profitability, the firm said in a release. The company's normal day-to-day operations will continue without interruption.
The company also announced that, pending court approval, it has received commitments for up to $750 million in debtor-in-possession financing to fund continuing operations. Of this total, $350 million consists of new incremental funding; approximately $400 million represents replacement of existing Accounts Receivable Securitization facilities both in the United States and Canada. The DIP financing will enable the company to continue to satisfy customary obligations associated with ongoing operations of its business, including payment of employee wages and benefits in the ordinary course, and payment of post-petition obligations to vendors under existing terms.
More information about Smurfit-Stone's reorganization is available on the company's Web site at www.smurfit-stone.com. Employee, retiree, customer and supplier inquiries can be made at (877) 264-9638. If outside of the United States and Canada, inquiries can be made at (503) 597-7694.
Packaging giant Smurfit-Stone Container Corp. severed its ties with Alton in early 2007 and took some 300 jobs with it when it moved its leased offices from Alton to Creve Coeur.
The move from Alton was long in coming. Smurfit's predecessor, the former Alton Boxboard plant on Broadway, closed in the 1980s, and Smurfit owners later shifted the company's headquarters from Alton to Clayton.
The reason given for the moves at the time was the company's growth.
To see more of The Telegraph or to subscribe to the newspaper, go to http://www.thetelegraph.com/. Copyright (c) 2009, The Telegraph, Alton, Ill. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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