Wellman Files Chapter 11 to Facilitate Sale, Continue Operations

Wellman along with several of its subsidiaries have filed petitions for Chapter 11 bankruptcy protection, saying they are unable to manage the cost of their debt obligations. The subsidiaries included in the filing are PTA Resources, Wellman Fibres, ALG, MRF, Warehouse Associates, MED Resins, Carpet Recycling of Georgia, Prince, Wellman of Mississippi, Josdav, and Fiber Industries. Wellman hired investment bank Lazard Frères (New York) last October to explore strategic alternatives, including possible sale of the company. "Although the Company has...

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