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Stone Corporation

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J.H. Stone & Sons, Produsen kardus, kertas karton dan produk kertas didirikan oleh Joseph Stone pada tahun 1926 dan setelah perang dunia II dirubah menjadi perusahaan dengan nama Stone Container Corporation. Pada awal pendiriannya Stone berkembang pesat dengan cara mengakuisisi perusahaan-perusahaan lain. Perusahaan tersebut mempunyai kebijakan membayar akuisisi tersebut dengan kas atau meminjam dana dengan pelunasan sesegera mungkin. Seiring dengan perkembangan perusahaan Stone , perusahaan memutuskan menjual sahamnya kepada publik dengan menerbitkan 250,000 lembar saham perdana pada tahun 1947. Dengan dilakukannya IPO, Stone dapat memperluas strateginya. Perusahaan tersebut mulai mengakuisi lebiha banyak dari sebelumnya dengan tujuan mendiversifikasi produknya yang bergerak dalam industri kertas. Sehingga pada tahun 1987 Stone berhasil meningkatkan kapasitas produksinya hingga empat kali lipat , namun hal tersebut diiringi oleh pinjaman yang sangat besar. Stone Forest Industries, anak perusahaan dari Stone Container, dibentuk dalam rangka untuk meringankan sebagian besar hutang Stone, sehingga pada akhirnya Stone Container berhasil untuk menghilangkan hutang tersebut.
Pada Tahun 1989 Stone kembali melakukan strategi akuisisi kali ini dengan mengakuisisi Consolidated-Bathurst Inc perusahaan produsen pulp dan kertas terbesar ke lima di Canada, dengan harga $2.7 milyar , yang membuat Stone menjadi perusahaan kedua terbesar didunia dalam industry pulp,kertas dan karton, namun dalam pembiayaan akuisisi ini Stone melakukannya dengan meminjam $3.3 milyar kepada bank. Masalah muncul ketika Strategi Stone dalam melakukan pendanaan terhadap akuisisinya dengan mengeluarkan obligasi dengan yield tinggi (junk bond) menjadi gagal karena adanya aturan dari regulator yang mengharuskan bank untuk menghilangkan junk bonds sehingga Stone melakukan akuisisi dengan pinjaman jangka pendek dari bank yang mengakibatkan memburuknya kondisi keuangan Stone . Dalam rangka memenuhi kewajibannya pada tahun 1989 Stone menjual asset sebesar $330 juta,dan pada tahun 1991 Stone menjual 9 juta saham dengan harga $ 175 juta dalam rangka mengumpulkan kas . Pada tahun 1992 Stone berhasil bermanuver dengan menggunakan proses refinancing dan resturukturisasi hutangnya dengan menggunakan sekuritas yang complex seperti convertible exchangeable preferred stock dan interest rate swap yang menyebabkan resiko Stone terhadap interest rate risk. Akibatnya walaupun saat itu industry kertas sedang baik, pada tahun 1992 Masa depan Stone Containers mulai bergejolak yang berujung pada mencari cara menghindari gagal bayar hutangnya sebesar $4.1 milyar.
Mengembangkan Rencana Finansial
Dalam menghadapi kondisi keuangan Stone yang memburuk, terdapat beberapa alternative menghadapi kondisi keuangan yang muncul yaitu : 1. Melakukan renegosiasi penjanjian pinjaman bank, yang akan berdampak pada perpanjangan jatuh tempo, dan kelonggaran dari beberapa perjanjian yang dibuat. Hal ini pernah berhasil dilakukan sebelum tahun 1990. Apabila bank setuju, fees untuk restrukturisasi adalah sekitar $70-$80 juta . 2. Menjual asset untuk kas , yang pernah dilakukan pada tahun 1987 yang dapat meninggkatkan kas antara $250 juta - $500 juta. 3. Intermediate term senior note dapat dijual ke publik dengan tujuan untuk membayar hutang bank. Dipercaya dapat mengumpulkan $300 juta untuk jangka waktu 5 tahun dengan coupon antara 12-12,5 %. 4. Sekitar $300 juta convertible subordibnates notes dapat dijual ke publik dengan tujuan membayar hutang bank, obligasi ini dapat menawarkan coupon sebesar 8,75 % dan jatuh tempo pada 7 tahun. Dan dapat di konversi menjadi saham dengan harga konversi saham 20 % lebih tinggi dari harga pasar pada saat obligasi ini ditawarkan.Setelah ditentukan harga konversi ini akan tetap seiring dengan jangka waktu convertible subordinate bonds. Pada maret 1993, 20% premium akan ditetapkan pada harga konversi $18.00 per saham dengan rasio konversi ($ 1000 per lembar saham ) 55.56. 5. Sekitar $500 juta dapat dikumpulkan dengan menerbitkan saham kepada publik keuntungan bersih untuk perusahaan sebesar 95% dari harga yang ditawarkan. Harga penawaran aktual akan ditentukan sesuai kondisi pada saat penawaran. Pada maret tahun 1993 harga saham Stone diperjual belikan pada harga sekitar $15-$16 per lembar saham.
Alternatif-alternatif tersebut tidak saling terkait, sehingga harus dipilih alternative yang memberikan keuntungan optimal bagi Stone Container untuk memperbaiki kondisi keuangan


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