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Smurfit-Stone files for chapter 11 bankruptcy


    (Reuters) - Smurfit-Stone Container Corp , a major corrugated packaging maker, said its U.S. and Canadian operations filed for chapter 11 bankruptcy protection to restructure its debt.

    The integrated manufacturer of paperboard and paper-based packaging has total assets of about $7.45 billion and total debt of about $5.58 billion as of September 30, 2008, the company said in its filing with the U.S. Bankruptcy Court in Delaware.

    The company said, pending court approval, it has received commitments for up to $750 million in debtor-in-possession (DIP) financing to fund continuing operations.

    Of this total, $350 million consists of new incremental funding and about $400 million represents replacement of existing accounts receivable securitization facilities both in the United States and Canada, the company said in a statement.

    The company said it will also file to reorganize under the Companies' Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice in Canada.

    Smurfit-Stone said its normal day-to-day operations will continue without interruption and all its operations outside of the United States and Canada are excluded from the bankruptcy process.

    (Reporting by Bijoy Koyitty in Bangalore; Editing by David Holmes)