PT Holdings Enters Chapter 11

Law360, New York (January 31, 2007, 12:00 AM EST) -- Citing high debt, increased fuel prices and interruptions in production, Pt Holdings Company Inc. and affiliates Port Townsend Paper Corp. and PTPC Packaging Co. Inc. have filed for Chapter 11 protection but expect to exit quickly.

The companies, which make pulp, kraft paper and lightweight containerboard, have already reached an agreement in principle with the senior secured note holders, and plan to exit bankruptcy a stronger company. The company filed for Chapter 11 in the U.S. Bankruptcy Court for the Western District of Washington on Monday...
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