Judge weighing Smurfit reorg plan

Smurfit-Stone Container Corp. and opponents of the containerboard maker’s bankruptcy reorganization plan filed their final post-trial briefs on May 18.

The judge will have an opportunity at a hearing today in Wilmington, Delaware, to indicate when or whether he will approve the reorganization plan.

Shareholders oppose the plan, saying a reorganized Smurfit will be worth more than the company and creditors have said.

The Chapter 11 petition filed in January 2009 by Chicago-based Smurfit 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 $2.275 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).