Smurfit-Stone

Smurfit-Stone Container Enterprises is a North American cardboard manufacturer with a total of $3.57 billion in debt outstanding, according to its 7 November 2008 SEC filing. On 26 January 2009, the company's US operations filed for chapter 11 bankruptcy in the US bankruptcy court for the district of Delaware, and its Canadian operations filed under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada.

Smurfit is a constituent member of the LCDX 10 and CDX HY10 indices.

Having triggered a credit event under its credit default swaps, a credit settlement auction on 20 February 2009 determined CDS recoveries at 8.875 points, and LCDS recoveries at 65.375 points. 11 dealers submitted inside markets on CDS and derived a low inside market midpoint of 7.875. Net open interest was just under $129 million to sell, with only JP Morgan and UBS bidding. Goldman Sachs and Barclays partially filled limit orders, at the final price.