Smurfit-Stone Container Corp., a Chicago company with locations in Philadelphia and Aston, resolved a conflict with shareholders over its reorganization plan, which may allow the box and packaging maker to exit bankruptcy within weeks. From stock previously earmarked for general unsecured creditors, preferred shareholders will receive 2.25 percent and common stockholders will share 2.25 percent of the new stock. Shareholders had asserted that the reorganized company would be worth more than what was being stated.
A spokeswoman said Smurfit will ask a bankruptcy judge to approve a revised plan.
Smurfit's operations include a sheet feeder plant and a recycling plant in Philadelphia; a box-making plant in Aston, and a box-making factory in Williamsport. They employ a combined 382 people, a company spokesman said. - Bloomberg News