The U.S. Bankruptcy Court in Wilmington, Del., has approved the reorganization plan of Creve Coeur, Mo.-based Smurfit-Stone Container Corp., one of the nation’s largest paper recyclers. Smurfit-Stone says it plans to emerge from Chapter 11 protection by the end of the month.
“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.
Smurfit-Stone filed for Chapter 11 protection in December 2009.