Current Temp 21.0 °F
Wind : North at 3.5 MPH (3 KT)
Humidity : 85 %
Pressure : 1025.0 mb
Smurfit-Stone files for Chapter 11 reorganization
NEW HARTFORD, N.Y. (WKTV) - Smurfit-Stone, which employs 96 people at its New Hartford location, has filed for Chapter 11 in U.S. Bankruptcy Court in Delaware.
This comes after the company's CEO said it planned to use the process to restructure its debt.
A spokesperson would not comment on the future of the New Hartford facility, but says everyone is hard at work today.
In a news release filed early Monday on the company's Web site, Smurfit-Stone said the Chapter 11 filing would be in the U.S. Bankruptcy Court in Wilmington, Del. It said its Canadian subsidiaries would file to reorganize under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice.
Smurfit-Stone is one of the industry's leading integrated containerboard and corrugated packaging producers and is one of the world's largest paper recyclers.