Wellman DIP facility amended to limit total commitment

By Caroline Salls

Pittsburgh, Dec. 22 - Wellman Inc. has entered into an amendment to its debtor-in-possession credit agreement that limits the total commitments as of Dec. 22 to $60 million, according to an 8-K filed with the Securities and Exchange Commission.

The amendment also extended the deadline for the company to obtain court approval for asset sale bidding procedures to Dec. 19 from Dec. 16.

Wellman, a polyester products manufacturer based in Fort Mill, S.C., filed for bankruptcy on Feb. 22, 2008 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-10595.

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