AP-MTSmurfit-Stone Container,0109 Smurfit-Stone Container shares down 83 percent

NEW YORK (AP) Shares of Smurfit-Stone Container Corporation, the largest producer of cardboard box materials in North America, plummeted more than 80 percent yesterday on reports it hired bankruptcy lawyers.

The Wall Street Journal reported the Chicago-based company recently hired a law firm and financial advisers with expertise in bankruptcy filings.

The newspaper says Smurfit-Stone is seeking about $750 million in debtor-in-possession financing.

About 385 people work at Smurfit-Stone's plant in Frenchtown, Montana. Fifty to 60 people were laid off in early November with the shutdown of a linerboard machine. The shutdown has been extended at least until the end of January.

(Copyright 2009 by The Associated Press. All Rights Reserved.) APNP 01-16-09 1044CST | save this article / add to your favorites list