Jun 21, · Smurfit Stone Container Corp received court approval on Monday for its reorganization plan, clearing the way for the packaging company to exit bankruptcy later this month. Jul 01, · Smurfit-Stone Container Corp. emerged from bankruptcy Wednesday and began trading again on the New York Stock Exchange today. This follows a bankruptcy . Rock-Tenn agreed to purchase Smurfit-Stone Container for $ billion in cash and stock just seven months after Smurfit emerged from bankruptcy proceedings.
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Monitor's Certificate - Final Distribution. Docket Specialty Containers Inc. Speciality Containers Inc. Last updated Jul 24, You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. Turn on more accessible mode. Turn off more accessible mode. Skip Ribbon Commands. Shareholders began agitating for a voice in the bankruptcy in August, before a plan had been proposed. The company filed for Chapter 11 bankruptcy in January after a rise in raw materials costs coincided with a drop in demand and tight credit markets.
The company and an attorney for holders of common stock did not immediately return calls seeking comment. Bankruptcy Court, District of Delaware, No. Reporting by Tom Hals.
Moore had said he planned to retire, and he won't join the merged company. Smurfit's operating results after the company emerged from bankruptcy in June "really gave us the opportunity to review their postbankruptcy operations and the improvement that they'd obtained," Mr. Rubright said. Rubright also said North American containerboard-production capacity had fallen to That means there's less supply if demand slackens.
Rubright said his company operates at a top-line speed where employees are trained to keep machines operating at full tilt. He said Rock-Tenn plants, for example, produce 1.
Rubright said "I work my butt off" to make sure his manufacturing plants keep people employed in small U. He declined to discuss further cuts at Smurfit's facilities. The deal cements a significant turnaround for Smurfit. The company, whose roots date to , sought Chapter 11 protection from creditors in January before quickly rebounding. Smurfit joins the likes of General Growth Properties Inc.
VC Smurfit sought bankruptcy protection amid a severe drop in demand from consumer-dependent companies for its containers and packaging products such as pizza and moving boxes. That combined with higher raw-materials prices and frozen credit markets left Smurfit unable to refinance its debt load.
In the process, the company's performance improved to the point of sparking a fight with shareholders who felt they were unfairly wiped out in the restructuring. A legal battle in U. Bankruptcy Court in Delaware ensued, forcing Smurfit to agree to a settlement with shareholders, giving them 4.