NORWALK, Conn.--Friday, July 09, 2010-- GE Capital, Restructuring Finance today announced it is co-collateral agent in a $650 million asset-based credit facility to Smurfit-Stone Container Corporation, a leading integrated containerboard and corrugated packaging producer and recycler. The loan supports the company's exit from bankruptcy protection under a Plan of Reorganization. GE Capital Markets served as joint lead arranger.
Headquartered in Chicago, IL, and Creve Coeur, MO, Smurfit-Stone Container Corporation is a leading manufacturer of paperboard and paper-based packaging and one of the world's largest paper recyclers. The company operates approximately 145 facilities with over 17,000 employees in the United States, Canada, Mexico and Asia.
"The combination of GE's experience with paper and packaging companies and expertise in turnaround finance helped us advance our reorganization," said Tim Griffith, vice president and treasurer of Smurfit-Stone. "We value our relationship with GE and their ability to continue to make significant financial commitments."
"We're dedicated to meeting the restructuring finance needs of mid-sized and large companies," said Rob McMahon, managing director of GE Capital, Restructuring Finance. "Providing businesses with the critical liquidity to execute their objectives is our specialty."
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings.
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Ned Reynolds
GE Capital
ned.reynolds@ge.com
+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
Jeffrey.Wilson@ge.com
1-203-749-6340