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Port Townsend Paper files for bankruptcy protection

PT Holdings Company, the parent company of Port Townsend Paper Corporation, has along with its U.S. affiliates, fil…

PT Holdings Company, the parent company of Port Townsend Paper Corporation, has along with its U.S. affiliates, filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

The company’s Canadian subsidiaries are not part of the filing.

“The balance sheet restructuring will significantly enhance our financial strength and operational flexibility, which will benefit all of our stakeholders. We expect to improve our short-and-long term liquidity,” said president and CEO John Begley.