Smurfit-Stone Plan of Reorganization Receives Sufficient Votes for Confirmation

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Apr 14, 2010, 04:54 ET

CREVE COEUR, Mo. and CHICAGO, April 14 /PRNewswire-FirstCall/ -- In anticipation of the Confirmation Hearings commencing on April 15th, 2010, on April 13, 2010, Smurfit-Stone announced through pleadings filed in the United States Bankruptcy Court the voting results with respect to the plan of reorganization filed in the United States Chapter 11 proceedings and the CCAA proceedings in Canada. The plan of reorganization has received overwhelming support from its voting creditor constituencies both in dollar amount of claims and in number of claim holders who voted on the Plan, and meets the confirmation standards under the Bankruptcy Code, except with respect to Stone Container Finance Company of Canada II (Stone Fin II), a special purpose financing subsidiary which the Company has excluded from the plan of reorganization. The exclusion of Stone Fin II will not affect the timing of the Company's confirmation of the other Chapter 11 plans or delay the Company's emergence from the Chapter 11 and CCAA proceedings.

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Smurfit-Stone Container Corporation is one of the industry's leading integrated containerboard and corrugated packaging producers, and one of the world's largest paper recyclers. The company is a member of the Sustainable Forestry Initiative® and the Chicago Climate Exchange. Smurfit-Stone generated revenue of $7.04 billion in 2008; has led the industry in safety every year since 2001; and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association.

www.smurfit-stone.com

SOURCE Smurfit-Stone Container Corporation