Smurfit-Stone reports $62.9 million net loss

Smurfit-Stone Container Corp., a corrugated container and containerboard maker, reported a $62.9 million net loss in April on sales of $512 million. The operating loss for the month was $30.7 million.

Before taxes and reorganization costs, the loss was $33.2 million. Reorganization costs were $29.1 million.

Smurfit reached a settlement in May allowing common and preferred shareholders to retain 4.5 percent of the stock, thus removing what the company believed to be the last major objections to the reorganization plan.

Smurfit said it hopes to exit bankruptcy in "early summer."

The contested confirmation hearing for approval of Smurfit's plan began April 15 and required the judge to hear seven days of testimony about the value of the reorganized company. The last post-trial briefs were filed on May 18.

The Chapter 11 petition in January 2009 by the Chicago- based company listed assets of $7.45 billion against debt totaling $5.58 billion as of Sept. 30, 2008. Debt at the time included $1.2 billion under secured revolving credit and term loan agreements, five issues of unsecured notes totaling $2.28 billion, $388 million under an accounts receivable securitization facility, and $284 million owing on tax-exempt bonds.

The case is In re Smurfit-Stone Container Corp., 09-10235, U.S. Bankruptcy Court, District of Delaware (Wilmington).