ADVERTISEMENT
2 /3 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Wellman Moves On Reorganization

by Alexander H. Tullo
November 24, 2008 | APPEARED IN VOLUME 86, ISSUE 47

A bankruptcy court has approved a disclosure statement by polyester maker Wellman, paving the way for lien holders to vote on the company's Chapter 11 reorganization plan. Under the plan, these creditors will receive equity in Wellman. They will also receive proceeds from the sale of its Darlington, S.C., polyethylene terephthalate (PET) and polyester fiber plant. Should the plan fall through, Wellman will liquidate its remaining PET facility in Hancock, Miss. Last month, Wellman sold its Johnsonville, S.C., polyester recycling plant to a group led by the private equity firm J. H. Whitney.

X

Article:

This article has been sent to the following recipient:

Leave A Comment

*Required to comment