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Posted by Greg Bunce
on 1/15/2009, 5:50 pm
69.217.56.158
According to today's Wall Street Journal, Smurfit is considering filing for bankruptcy in the next two weeks as soon as they can line up financing to continue operations during the bankruptcy. They are heavily in debt due to the leveraged nature of the merger of Jefferson Smurfit and Stone Container. They must make an interest payment later this week on the debt, but its not clear if they can find the money for it. They must pay $316 in debt coming due later this year and refinance $800 million in revolving credit in November. They have been skating on thin ice for the last year and the credit freeze up and the tanking economy may have done them in. Their stock closed at 8 cents today.
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