wtf buy today:
SSCC 10k buy @.032
52 Wk High $9.99
got pounded down bigtime this month, going into bk, should be able to come out of it smelling like a rose! I hope.
Fitch Downgrades Smurfit-Stone to 'D' on Bankruptcy Filing
Last Update: 1/26/2009 5:22:00 PM
Fitch Downgrades Smurfit-Stone to 'D' on Bankruptcy Filing
CHICAGO, Jan 26, 2009 (BUSINESS WIRE) -- Fitch Ratings has downgraded the ratings of Smurfit-Stone Container Corporation (SSCC) as follows:
--Issuer Default Rating (IDR) to 'D' from 'C';
--Secured bank debt to 'CCC/RR2' from 'CCC/RR1';
--Senior unsecured debt to 'C/RR6' from 'C/RR4'.
The preferred stock rating remains at 'C/RR6'.
The ratings downgrades have been prompted by today's voluntary bankruptcy filing under Chapter 11 by SSCC and its subsidiaries as well as filings by the company's Canadian subsidiaries under the Creditors Arrangement Act. Approximately $1.270 billion in secured debt and $2.275 billion in unsecured debt is affected. SSCC has obtained commitments for $750 million of debtor-in-possession financing (DIP) not currently rated by Fitch, of which approximately $400 million will be used to refinance off-balance sheet accounts receivable securitizations and $350 million of which will be used to finance ongoing operations. The change in the secured and the unsecured Recovery Ratings of SSCC reflect the inclusion of the incremental funding in the DIP facility and a revision to the estimated liquidation values of certain assets.
SSCC is a key North American producer in the corrugated box markets with 14 paper mills and 122 corrugated container plants. The company produces 7 million tons annually of containerboard and sells more than 70 billion square feet of boxes to home appliance, beverage, food, pharmaceutical, computer, machinery and furniture manufacturers.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, . Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.