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Smurfit-Stone 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 members include:
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. |
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