SOURCE: Port Townsend Paper Corporation

August 27, 2007 18:49 ET

Port Townsend Paper Exits Bankruptcy With Restructured Balance Sheet, New Ownership

PORT TOWNSEND, WA--(Marketwire - August 27, 2007) - Port Townsend Paper Corporation and its affiliates (the "Company") today announced that it has exited bankruptcy with new ownership and a revamped balance sheet. "Obviously, this is a significant event for the Company," said John Begley, President and CEO. "We are excited about the future because of the new debt structure and the opportunities it presents us. We want to thank our employees, our customers, our suppliers and our communities for their support. Without any of these key stakeholders we would not have been able to accomplish everything in the time we did."

As a result of this process, Port Townsend Paper is now a private company.

Copies of court documents filed in connection with the Chapter 11 cases are available via the Court's website at www.wawb.uscourts.gov. Please note that a PACER password is required to access the documents via the Court's website.

The Port Townsend Paper family of companies employs approximately 800 people and annually produces more than 320,000 tons of unbleached Kraft pulp, paper and linerboard at its mill in Port Townsend, Washington. The Company also manufactures approximately 1.8 billion square feet of corrugated products annually at its three Crown Packaging Plants and two BoxMaster Plants located in British Columbia and Alberta. For more information on Port Townsend Paper Corporation, please see the Company's websites at www.ptpc.com and www.crownpackaging.com.

Contact Information

  • Contact:
    Charles Madison
    Vice President, Human Resources
    Port Townsend Paper Corporation
    (360) 379-2155