(USA) Port Townsend Paper Corp. officially exited Chapter 11 bankruptcy protection on Monday as a private company under the control of its bondholders. The paper mill, which employs about 310 people and is the largest private employer in Jefferson County, will follow a reorganization plan that calls for it to pay its unsecured creditors within five business days.
As a group, the 729 unsecured creditors will receive about 37 percent of the money they were owed - between $21 million and $22 million - when the company filed for bankruptcy protection in January.
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