Smurfit Stone Files for Bankruptcy

As we surmised as recently as two weeks ago in our Death Watch summary, Smurfit Stone container finally caved and early this morning filed for Chapter 11. Surprisingly, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company managed to procure a $750 million DIP financing. Granted of this $400 million is merely a replacement of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 existing A/R securitization facility, but it is still an impressive accomplishment even though cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company does have a lot of hard assets. Patrick Moore, CEO, was quoted "The acceleration of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 unprecedented global economic recession has weakened demand for packaging, and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 frozen credit markets have prevented an out-of-court refinancing of our capital structure. While this is not cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 outcome we anticipated, we are taking this action to become a more financially healthy company."

Financial advisors on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 case are Sidley Austin, Stikeman Elliott and Lazard, which has a 50/50 track record lately in arranging DIPs. Sphere: Related Content

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