Wellman granted bridge exclusivity extension, final hearing postponed to Aug. 5

By Jennifer Lanning Drey

Portland, Ore., July 31 - Wellman, Inc.'s exclusive period to file a plan of reorganization was extended to Aug. 5 under a bridge order issued after the hearing for final approval of the company's exclusivity motion was postponed to Aug. 5, according to a Thursday court filing.

The hearing was originally scheduled for Thursday in the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company wants to extend its exclusive plan-filing period to Oct. 15 from July 31 and the solicitation period to Dec. 15 from Sept. 30.

Wellman's administrative and collateral agent, the Bank of New York, objected to the exclusivity motion on July 28.

Wellman, a Fort Mill, S.C., polyester products manufacturer, filed for bankruptcy on Feb. 22. Its Chapter 11 case number is 08-10595.

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