The following is a list of key elements of the Smurfit Stone Plan of Reorganization which has recently been approved. To obtain a copy of this research or any other company analysis contact Performance Plus Advisors, Inc.--727-441-1305 ext 203.
KEY ELEMENTS OF SMURFIT STONE PLAN OF REORGANIZATION
1) All existing secured debt will be fully paid in cash.
2) Existing unsecured debt and claims including the outstanding unsecured senior notes, will be exchanged for common stock, with holders of less than or equal to $10,000 entitled to receive payments of 100% in cash.
3) All of the existing equity and preferred will receive no distribution.
4) The new Smurfit Stone will assume all of the obligations of the existing defined benefit pension plans as well as collective bargaining agreements made with labor unions.
The price of Smurfit Stone unsecured debt has come full circle since our published research report on Feb. 28, at 82 cents on the dollar. Two months later our model sold it's position at 100 cents on the dollar, a 22% cash on cash return. Shortly, after that these bonds dropped in price to 85, on Friday 5/21. Our model portfolio re-established a half position at 85.
Stephen P. Vlahos
Download Smurif Stone Distressed Debt Research
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