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Smurfit-Stone Plan of Reorganization Receives Sufficient Votes for Confirmation

April 15, 2010 - In anticipation of the Confirmation Hearings commencing on April 15th, 2010, on April 13, 2010, Smurfit-Stone announced through pleadings filed in the United States Bankruptcy Court the voting results with respect to the plan of reorganization filed in the United States Chapter 11 proceedings and the CCAA proceedings in Canada.

The plan of reorganization has received overwhelming support from its voting creditor constituencies both in dollar amount of claims and in number of claim holders who voted on the Plan, and meets the confirmation standards under the Bankruptcy Code, except with respect to Stone Container Finance Company of Canada II (Stone Fin II), a special purpose financing subsidiary which the Company has excluded from the plan of reorganization, Smurfit-Stone said.

The exclusion of Stone Fin II will not affect the timing of the Company's confirmation of the other Chapter 11 plans or delay the Company's emergence from the Chapter 11 and CCAA proceedings, Smurfit-Stone added.

SOURCE: Smurfit-Stone




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