(USA) A judge has approved the bankruptcy plan of Port Townsend Paper Corp., clearing a path for it to exit Chapter 11 under the control of bondholders.
In October, Port Townsend missed an interest payment to bondholders, causing it to default on its bonds. The missed payment also caused the paper maker to default on about $20 million in loans owed to lender CIT Group.
The company was founded in 1927 in Port Townsend, on Washington state's Olympia Peninsula. It employs about 800 in the U.S. and Canada. The Canadian units weren't part of the bankruptcy case.
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