Smurfit-Stone Files for Reorganization in U.S. and Canada

The Company also announced that, pending Court approval, it has received commitments for up to $750 million in debtor-in-possession (DIP) financing to fund continuing operations. Of this total, $350 million consists of new incremental funding; approximately $400 million represents replacement of existing Accounts Receivable Securitization facilities both in the U.S. and Canada. The DIP financing will enable the Company to continue to satisfy customary obligations associated with ongoing operations of its business, including payment of employee wages and benefits in the ordinary course, and payment of post-petition obligations to vendors under existing terms.