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Smurfit-Stone Reaches Agreement on Bankruptcy Emergence Plan

Creve Coeur, Mo.-based Smurfit-Stone Container Corp. has reached an agreement with stockholders who had voiced objections to the company’s plan to emerge from Chapter 11 protection. The company says that it is now set to emerge from bankruptcy protection early this summer.

“Reaching this agreement with our stockholders is a major milestone for our company and positions us to emerge from bankruptcy in the coming weeks,” said Patrick J. Moore, chairman and CEO of Smurfit-Stone, in a statement. “Our focus has been, and continues to be, driving value for our stakeholders and helping our customers grow their businesses.”

Smurfit-Stone, a producer of containerboard and corrugated packaging as well as one of the world’s largest paper recyclers, filed for Chapter 11 projection in January 2009. Moore has said that he will retire within a year of the firm’s emergence from bankruptcy.