Smurfit-Stone Container out of Chapter 11

By Reuters
Posted June 30, 2010 at 1:21 p.m.

Paper packaging company Smurfit-Stone Container Corp. said  Wednesday that it had emerged from bankruptcy after 17 months, having wiped around $3 billion of debt from its balance sheet.

The company issued new stock to investors who held about $3 billion of unsecured debt. That stock will begin trading on the New York Stock Exchange¬† Thursday under the symbol “SSCC,” the company said in a statement.

Nearly a billion dollars of loans were paid in cash, in part with funds from a new $1.2 billion term loan.

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