Smurfit Stone cleared to exit bankruptcy this month

Smurfit Stone Container Corporation has received approval from the court to exit from bankruptcy protection later this month - around June 30.

After emerging from bankruptcy, the company will be controlled by its unsecured creditors. Secured lenders will be paid in cash (totaling nearly $1 billion).

Smurfit Stone will be emerging from bankruptcy having shed around $3 billion in debt. The company still carries a pension shortfall of around $1 billion.

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Smurfit Stone cleared to exit bankruptcy (Reuters)