Gaylord Container Corp., which is seeking to restructure its debt without seeking bankruptcy protection from creditors, said its fiscal first-quarter net losses more than doubled, to $23.8 million.
The Deefield-based paper packaging products firm blamed the wider loss on lower selling prices, higher interest expense, restructuring expenses and the absence of tax credits in the latest period.
The loss in the latest period ended Dec. 31 was equivalent to $1.54 a share. In the year-earlier quarter, the loss was $9.9 million, or 65 cents a share. Sales fell 7 percent, to $168.9 million from $182.4 million.
In December the company reached agreement with major creditors on a proposed restructuring that would give bondholders as much as a 71 percent stake by 1996. Gaylord is to hold its annual meeting Wednesday in Deerfield.
