Smurfit-Stone Container (fka SSCC)

[califax]

Smurfit-Stone gets OK for bonuses

St. Louis Business Journal
Thursday, April 23, 2009, 12:15pm CDT

http://www.bizjournals.com/stlouis/stories/2009/04/20/daily65.html?surround=lfn

Smurfit-Stone Container Corp., which entered Chapter 11 in January, was authorized by a bankruptcy judge this week to adopt a bonus program that could pay as much as $47 million to 3,700 executives and other workers, Bloomberg News reported.

A request for comment from Smurfit-Stone was not immediately returned.


The bankruptcy filing listed $5.6 billion in debt and $7.5 billion in assets as of Sept. 30. Smurfit-Stone’s 30 largest creditors without collateral backing their claims are owed about $4.2 billion, according to court documents.

Dually headquartered in Creve Coeur and Chicago, Smurfit-Stone Container Corp. manufactures corrugated container and containerboard. It operates corrugated container, folding carton, recovered paper and recycling services facilities in the St. Louis area. Nearly all of the firm’s executives are based in St. Louis. Smurfit-Stone generated revenue of $7.4 billion in 2007.