Wimington, Del. -Smurfit-Stone Container Corp. and its U. S. and Canadian subsidiaries filed petitions for reorganization under Chapter 11.
Wimington, Del. -Smurfit-Stone Container Corp. and its U. S. and Canadian subsidiaries filed petitions for reorganization under Chapter 11.
According to an article on Bloomberg.com,the company listed US$5.6 billion in consolidated debt and US$7.5 billion in consolidated assets as of Sept. 30, 2008. The article also stated 24 affiliates sought court protection as well.
In a company press release, Smurfit- Stone’s chairman and chief executive officer, Patrick Moore, is quoted as saying the low demand for packaging spurred by the global economic recession and frozen credit markets were behind the move.
According to the article, Smurfit- Stone will continue to operate normally while it moves to reorganize its debt.
Smurfit-Stone -North America’s second largest corrugated packaging producer -employs about 22,000 people in the United States, Canada, Mexico and Asia. According to the company, its operations outside Canada and the United States are excluded from the bankruptcy process.
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