Packaging Corp. of America’s first-quarter profit soared 95 percent on higher containerboard and corrugated product pricing and volume, offsetting weather-related impacts and higher costs for transportation, chemicals and other expenses. Get the full story »
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Smurfit-Stone Container out of Chapter 11
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.
