Law360, New York (December 01, 2009, 3:24 PM ET) -- Bankrupt packaging maker Smurfit-Stone Container Corp. has filed a reorganization plan that would convert roughly $3 billion in unsecured debt into new equity, provide prepetition lenders with cash or new debt instruments, and leave current shareholders out in the cold.
Smurfit-Stone lodged the disclosure statement and reorganization plan Tuesday in the U.S. Bankruptcy Court for the District of Delaware, proposing to merge Smurfit-Stone and its major subsidiary Smurfit-Stone Container Enterprises Inc. in order to exit Chapter 11 protection this spring.
In addition to repaying about $1...
Smurfit-Stone Files Plan, Eyes Ch. 11 Exit
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