Date: June 28, 2010
Source: Smurfit-Stone Container Corporation
Smurfit-Stone Container Corp. (Chicago, IL), the paper packaging giant and major paper recycler, said it will host a conference call on Thursday, July 1 at 11 am (eastern) to discuss its emergence from Chapter 11 bankruptcy protection. Last week a judge signed off on a revised plan that incorporated a settlement with shareholders who challenged an earlier restructuring strategy as unfair. The settlement gives existing common and preferred shareholders 4.5% of the reorganized company; the rest, 95.5% of new Smurfit-Stone, goes to unsecured creditors. Smurfit-Stone resorted to bankruptcy protection last year when the global slump depressed the sales of consumer goods. The Chapter 11 plan swaps out more than $2 billion in unsecured debt for equity, leaving the reorganized company with a lighter balance sheet.
PRESS RELEASE:
Smurfit-Stone to Host Investor Conference Call to Discuss Emergence From Its Financial Restructuring
Smurfit-Stone Container Corporation will host an investor conference call and webcast to discuss its emergence from Chapter 11 bankruptcy.
The one-hour call and webcast will begin at 11 a.m. Eastern Time on Thursday, July 1, one day after the Company's reorganization is expected to become effective. Upon emergence, Smurfit-Stone's trading symbol on the New York Stock Exchange will be SSCC.
Interested parties can listen to the live conference call by dialing (800) 261-3417, access code 13274863. International callers can participate by dialing (617) 614-3673, access code 13274863. To access the presentation via webcast, visit Smurfit-Stone's website at www.smurfit-stone.com.
A replay of the presentation will be available at (888) 286-8010, access code 30311167, until July 7. International callers may dial (617) 801-6888, access code 30311167. Replay of the presentation will also be available on the Company's website.
Earlier this week the U.S. Bankruptcy Court in Wilmington, Delaware, confirmed the Company's plan of reorganization. Similar relief had been granted previously in Canada.
Smurfit-Stone Container Corporation is one of the industry's leading integrated containerboard and corrugated packaging producers, and one of the world's largest paper recyclers. The Company is a member of the Sustainable Forestry Initiative® and the Chicago Climate Exchange. Smurfit-Stone generated revenue of $5.6 billion in 2009; 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 Association.
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