posted
Bought SSCCQ.PK at .23 back in December when it took a nice dip for 213043 shares, sold @ .43 Monday 11 Jan /came away with 40k
Smurfit-Stone Container Corp reported that the company is expected to emerge from Chapter 11 either late in the first quarter or early in the second quarter of 2010.
Would love to get back in on another dip!
Smurfit-Stone Container Corporation manufactures paperboard and paper-based packaging products in North America. The company produces a range of corrugated containers to protect, ship, store, and display products; and containerboards for use in the production of corrugated packaging. It also offers southern hardwood pulp, bleached southern softwood pulp, and fluff pulp, which are sold to the manufacturers of paper products; kraft paper for use in consumer and industrial bags, grocery and shopping bags, counter rolls, handle stock, and refuse bags; and solid bleached liner. In addition, Smurfit-Stone manufactures pizza boxes and corrugated clamshells for the food industry; and recyclable pallets and custom die-cut boxes to display packaged merchandise. Further, the company involves in reclamation operations, including procuring fiber resources for its paper mills, as well as for other producers. It collects, sorts, grades, and bales recovered paper, through a brokerage system. Additionally, it collects aluminum and plastics for resale to the manufacturers of these products. Further, Smurfit-Stone offers waste reduction services for the extraction of additional recyclables from the waste stream by partnering with customers. In addition, it provides custom, proprietary, and standard automated packaging machines. The company was founded in 1968 and is based in Chicago, Illinois. On January 26, 2009, Smurfit-Stone Container Corporation, along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
-------------------- "One Penny Stock Away From Retirement" Posts: 13 | From: Iraq | Registered: Jan 2010
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posted
I have been unable to find any info regarding them keeping thee old common but if I come across anything I'll be sure let you know. I went straight Vegas on this stock /had to cover some losses from AIG and OCNF.
Latest Headlines for SSCCQ.PK 0.365
NorthWestern Energy told state lawmakers Friday that a Frenchtown, Mont., linerboard plant soon to be shuttered by Smurfit-Stone Container could make a good location for a biomass energy production facility -- but no firm plans are in place.
Northwestern Energy said entering talks about such a plan with Smurfit-Stone would be premature until that company emerges from bankruptcy.
"We have contacted Smurfit and told them we would be interested in having a conversation with them about that facility," company lobbyist John Fitzpatrick told the legislative Environmental Quality Council.
But getting the plant would just be the first of many big issues to deal with, he said.
A biomass plant would burn wood to make electricity using a conventional boiler system. It would be used as a source of primary power for NorthWestern, and would not be suitable as "firming" power for other alternative energy sources like solar and wind, Fitzpatrick testified.
Fitzpatrick said the U.S. Forest Service would have to allow a lot more logging of beetle killed trees in order to ensure enough fuel to keep a large plant running. NorthWestern estimates that as much as 4,000 acres a year would be needed to supply such a facility.
"Something is going to have to happen with this process so you can get quantity for fuel supply," he told the legislative oversight panel. "They are not doing a tremendous amount of logging at this time."
Other types of fuel, such as agriculture waste, would not work because the transportation costs would be too high, he said.
But he told the EQC that NorthWestern plans to pursue the idea as a way to get another sizable power plant in the state.
U.S. Sen. Jon Tester has said that wood that would have gone to Smurfit's pulp mill could be used as an energy source.
Tester is trying to advance a plan to mandate a lot more logging in Montana, and a lot more cutting of beetle-killed trees. It is touted as a careful compromise between the logging industry which would get the trees and environmentalists who would secure more declared wilderness area with the deal.
Smurfit-Stone Container's pending closure of the plant, which employs 417, will be phased in over the rest of the month.
Smurfit-Stone Container Corp. first announced on Dec. 14 that it was closing the Frenchtown plant as the company sought to cut costs and emerge from bankruptcy protection.
-------------------- "One Penny Stock Away From Retirement" Posts: 13 | From: Iraq | Registered: Jan 2010
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quote:Originally posted by dowjones: I have been unable to find any info regarding them keeping thee old common but if I come across anything I'll be sure let you know. I went straight Vegas on this stock /had to cover some losses from AIG and OCNF.
Latest Headlines for SSCCQ.PK 0.365
NorthWestern Energy told state lawmakers Friday that a Frenchtown, Mont., linerboard plant soon to be shuttered by Smurfit-Stone Container could make a good location for a biomass energy production facility -- but no firm plans are in place.
Northwestern Energy said entering talks about such a plan with Smurfit-Stone would be premature until that company emerges from bankruptcy.
"We have contacted Smurfit and told them we would be interested in having a conversation with them about that facility," company lobbyist John Fitzpatrick told the legislative Environmental Quality Council.
But getting the plant would just be the first of many big issues to deal with, he said.
A biomass plant would burn wood to make electricity using a conventional boiler system. It would be used as a source of primary power for NorthWestern, and would not be suitable as "firming" power for other alternative energy sources like solar and wind, Fitzpatrick testified.
Fitzpatrick said the U.S. Forest Service would have to allow a lot more logging of beetle killed trees in order to ensure enough fuel to keep a large plant running. NorthWestern estimates that as much as 4,000 acres a year would be needed to supply such a facility.
"Something is going to have to happen with this process so you can get quantity for fuel supply," he told the legislative oversight panel. "They are not doing a tremendous amount of logging at this time."
Other types of fuel, such as agriculture waste, would not work because the transportation costs would be too high, he said.
But he told the EQC that NorthWestern plans to pursue the idea as a way to get another sizable power plant in the state.
U.S. Sen. Jon Tester has said that wood that would have gone to Smurfit's pulp mill could be used as an energy source.
Tester is trying to advance a plan to mandate a lot more logging in Montana, and a lot more cutting of beetle-killed trees. It is touted as a careful compromise between the logging industry which would get the trees and environmentalists who would secure more declared wilderness area with the deal.
Smurfit-Stone Container's pending closure of the plant, which employs 417, will be phased in over the rest of the month.
Smurfit-Stone Container Corp. first announced on Dec. 14 that it was closing the Frenchtown plant as the company sought to cut costs and emerge from bankruptcy protection.
Please do. This is a good company, and would be worth much more if there keeping it. I may do some research later.
Posts: 4381 | From: houston | Registered: Mar 2006
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WILMINGTON, Del., Jan 14 (Reuters) - A bankruptcy judge on Thursday extended for four more months the exclusive right of packaging company Smurfit Stone Container Corp (SSCCQ.PK) to file a plan of reorganization, over the objection of investment funds.
Smurfit Stone filed for bankruptcy a year ago along with more than 20 subsidiaries.
The funds that objected, Aurelius Capital Management and Columbus Hill Capital Management, sought to end the bankruptcy protection of a single subsidiary, a financing structure known as Finance II.
The two funds hold 62 percent of the $200 million of notes issued by Finance II, which has no operations or employees and was set up mainly for tax purposes. The funds have argued that the subsidiary will have a greater recovery if it were liquidated rather than remained part of the reorganization.
Judge Brendan Shannon overruled the objection and said many of the funds' arguments will be heard again on Jan. 29, when the court will hear their request to convert the Finance II bankruptcy to a Chapter 7 liquidation.
A hearing on the company's disclosure statement, which must be approved so it can send its plan of reorganization to creditors, will be heard the same day.
The case is In re Smurfit Stone Container Corp, U.S. Bankruptcy Court, District of Delaware, No. 09-10235.
-------------------- "One Penny Stock Away From Retirement" Posts: 13 | From: Iraq | Registered: Jan 2010
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WILMINGTON, Del., Jan 13 (Reuters) - Shareholders of bankrupt Smurfit Stone Container Corp (SSCCQ.PK) are preparing to fight the packaging company's proposed reorganization plan, according to legal and financial sources involved in the case, likely by attacking its failure to appraise the business.
The equity holders have formed an ad hoc committee and hired David Rosner of Kasowitz, Benson, Torres & Friedman to represent them.
The group has also hired Israel Shaked, the managing director of the Michel-Shaked Group in Boston, to value the company's business, something Smurfit has yet to do.
Rosner could not be reached for comment. Both Shaked and Smurfit declined to comment.
The group believes that Smurfit, one of the world's largest recyclers of paper and a leading paper packaging manufacturer, could be worth enough money to provide some recovery for shareholders. The company, which filed for bankruptcy in January 2009, has proposed wiping them out.
Smurfit unveiled its plan in December, which proposes paying secured lenders in cash and giving unsecured claim holders equity in the company.
The Chicago-based company plans to issue new common shares that would be traded on the New York Stock Exchange or Nasdaq market. Current shareholders would be wiped out.
Trading levels for Smurfit bonds, which are just above stock in terms of recovery, indicate investors expect do not yet expect a recovery for shareholders, although they are near that level, said Kevin Starke, senior vice president of CRT Capital Group in Stamford, Connecticut.
In December, a judge denied equity holders' request to have their own official committee in the bankruptcy. Such a committee would allow the group to speak as one and would require Smurfit to pay many of the fees for hiring legal and financial professionals.
During the hearing on the committee request, Mark Hootnick, an investment banker with Moelis & Co, testified that the business was highly cyclical and that it was in a "heck of a trough" when it filed for bankruptcy.
Starke said some of Smurfit's projections in its plan left it vulnerable to a challenge from the equity group, including its outlook for price increases for its products and its treatment of pension costs.
He said Smurfit could give an estimate of the company's worth before the hearing on its disclosure statement on Jan. 29.
"They leave themselves open to a successful challenge of adequacy if they don't have the valuation done," he said.
Smurfit has 159 manufacturing facilities in North America. It had 21,250 employees when it filed for bankruptcy.
Shares of Smurfit closed 1.35 percent lower at 36.5 cents in pink sheet trading. The stock has risen from a low of 2 cents around the time of the company's bankruptcy filing to more than $1 in October.
The case is In re Smurfit Stone Container Corp, U.S. Bankruptcy Court, District of Delaware, No. 09-10235.
(Reporting by Tom Hals; Editing by Richard Chang)
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posted
Originally posted by invester: Are they keeping the old common?
The Chicago-based company plans to issue new common shares that would be traded on the New York Stock Exchange or Nasdaq market. Current shareholders would be wiped out.
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