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Smurfit-Stone preparing for bankruptcy

Speculation swirled for a second day Thursday that debt-heavy Chicago packaging producer Smurfit-Stone Container Corp. http://www.smurfit.com:8080/content/ may file for Chapter 11 bankruptcy protection very soon.

The cardboard-box maker has retained bankruptcy counsel and has asked its financial advisers to line up post-bankruptcy "debtor-in-possession" financing, the Wall Street Journal reported this morning; the business newspaper cited unnamed sources.

The bond analysis firm Gimme Credit lowered its underlying view to "deteriorating," noting that the economically sensitive packaging sector remains under pressure.

By James P. Miller | Tribune staff reporter

Full Story: http://www.chicagotribune.com/business/chi-biz-smurfit-stone-bankruptcy-jan15,0,2421833.story

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