Smurfit-Stone Reorganization Plan Receives Approval

Smurfit-Stone Container Corp. has announced that its plan of reorganization has received majority support from its voting creditor constituencies, both in dollar amount of claims and in number of claim holders who voted on the reorganization plan.

The company added that one of its Canadian special purpose financing units was excluded from the reorganization plan, although that would not affect the company’s planned emergence from bankruptcy.

The company, including both its U.S. and Canadian subsidiaries, had initially filed for bankruptcy protection Jan. 29, 2009. At that time, the company cited the high debt incurred during the original formation of the company. Along with the high debt, the company was damaged by the sharp decline in the economy that began toward the end of 2008.