Publicis Groupe's Kekst & Co. is handling the Chapter XI filing of packaging giant Smurfit-Stone Container Corp., which registered for bankruptcy in the U.S. and Canada on Jan. 26.
The Wall Street Journal noted Smurfit-Stone's business is closely tied to consumer spending as its products range from television to pizza boxes.
Patrick Moore, CEO of the Chicago-based company, said his business hit the skids in October as customers moved to "preserve precious cash." He believes "burdensome debt levels" has hindered S-SCC from benefiting from its "three-year transformation program."
The company has secured financing of $750M to enable it to continue operations under Chapter 11.
S-SCC earned $6M during the first nine-months of 2008 compared to a $156M year earlier loss.
Kekst partners Michael Freitag and Andrea Calise are working the reorg.