successfully emerges from bankruptcy
Smurfit-Stone Container Corporation announced
that it has successfully completed its financial restructuring
and has officially emerged from Chapter 11 as a newly reorganized,
publicly traded company that began trading on the New York Stock
Exchange under the symbol SSCC in July 2010.
The company’s plan of reorganization, which was confirmed by
the United States Bankruptcy Court on June 21, 2010, and recognized
by a Canadian court order, has become effective. All outstanding
closing conditions have been satisfied or waived.
In conjunction with the company’s completion of its financial
restructuring, the company announced a new board of directors,
including Ralph F. Hake, who has been appointed non-executive
chairman of the Smurfit-Stone board of directors. Hake is the
former chairman and CEO of Maytag Corporation. Additional board
- Timothy J. Bernlohr, former president and CEO of RBX Industries,
- Terrell K. Crews, former EVP and chief financial officer
- Eugene I. Davis, chairman, CEO and chief restructuring
officer for Pirinate Consulting Group, LLC
- Michael E. Ducey, former president and CEO of Compass Minerals
- Jonathan F. Foster, managing director, Current Capital
- Ernst A. Häberli, former president, commercial operations,
international, Gillette Company
- Arthur W. Huge, former president and CEO of Menasha Corporation
- Steven J. Klinger, president and COO, Smurfit-Stone
- Patrick J. Moore, CEO, Smurfit-Stone
- James J. O’Connor, former chairman and CEO of Unicom Corporation
and the former Smurfit-Stone lead independent director.
As previously announced, in accordance with the terms of the
plan, Smurfit-Stone’s previous common stock and preferred stock
have been cancelled. However, the plan provides that 2.25 percent
of the New Smurfit-Stone common stock pool will be distributed
pro rata to the company’s previous preferred stockholders and
2.25 percent of the New Smurfit-Stone common stock pool will
be distributed pro rata to the company’s previous common stockholders.
Upon completion of all distributions to former creditors under
the plan (as well as holders of the former preferred stock and
the former common stock), the company will have approximately
100 million shares of common stock issued and outstanding.