Streamlined Wellman Inc. Nears Ch. 11 Exit

Law360, New York (January 13, 2009, 12:00 AM EST) -- After months of wrangling, a bankruptcy judge is set to sign off on Wellman Inc.'s plan of reorganization as the plastics maker seeks to emerge from Chapter 11, probably by the end of the month, according to an attorney for the debtor.

According to papers filed in the U.S. Bankruptcy Court for the Southern District of New York, the plan is predicated on an infusion of $35 million in cash from two plan sponsors, Sola Ltd. and BlackRock Financial Management Inc.

Restructuring partner Jonathan S. Henes...
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