Leading Polyester Maker Enters Ch. 11

Law360, New York (February 25, 2008, 12:00 AM EST) -- Facing mounting costs and diminishing business opportunities, polyester manufacturer Wellman Inc., along with 11 subsidiaries and affiliates, entered bankruptcy in an effort to stay in business while it manages its debt.

The company, which bills itself as the world's largest plastics recycler, filed a voluntary petition for Chapter 11 protection Friday in the U.S. Bankruptcy Court for the Southern District of New York, estimating assets between $50 and $100 million and debts between $100 and $500 million.

In one filing, Wellman said it also had $575...
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