Wellman, Inc. and its debtor subsidiaries filed a Joint Plan of Reorganization (the “Plan”), a Disclosure Statement (the “Disclosure Statement”) and related documents with the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).

The Plan is consistent with the South Carolina company’s goal to successfully emerge from Chapter 11 as a stand-alone company with improved liquidity and substantially less debt. Further, the Plan reflects the support of certain of Wellman's second lien term loan lenders, who have committed to backstop a rights offering for $80 million of new convertible notes.

“Filing the plan is a significant step in completing our plan of reorganization and emerging from bankruptcy as a strong, profitable and more competitive company,” said Wellman CEO Mark Ruday.

A hearing to consider the plan and disclosure statement has not yet been scheduled. Wellman plans to ask the bankruptcy court to confirm the plan before Sept. 16, 2008 and to emerge from bankruptcy shortly thereafter.