Wellman, Inc. announced today that it has completed the necessary requirements to emerge from bankruptcy and has filed a “Notice of Effective Date” with the Bankruptcy Court for the Southern District of New York.
The newly reorganized Wellman has a new Board of Directors consisting of 7 members including its President and Chief Executive Officer, Mark Ruday. Reorganized Wellman expects to maximize its financial position as a result of its singular focus on the PET resin industry and the value it provides to its customers, while it minimizes costs and working capital.
During Wellman’s bankruptcy it structurally changed its business by selling or closing many of its unprofitable operations and consolidated all of its PET resin production into its world class Pearl River facility located in Hancock County Mississippi. As a result of this change, the Company was able to significantly reduce its manufacturing costs, lower its working capital and streamline its organizational structure.
Mark Ruday, Wellman's President and Chief Executive Officer, stated, "This has been a long and difficult process. I would like to thank all of our customers, vendors, creditors, employees, directors, stakeholders and advisors for working with us to complete our reorganization and emerge from bankruptcy. With our sole focus on the PET Resins industry and strong capital structure, we look forward to continuing to have mutually beneficial relationships with all of our constituencies.”
Wellman, Inc. manufactures and markets PermaClear® brand PET (polyethylene terephthalate) packaging resin.
Source: Wellman, Inc.