January 9, 2009Wellman Inc • January 15th, 2009 • Plastic material, synth resin/rubber, cellulos (no glass) • New York
Wellman, Inc. (as debtor-in-possession and as reorganized upon consummation of the Reorganization (as defined below) and the Closing (as defined below), “Wellman”) and the subsidiaries of Wellman that are signatories hereto (collectively, the “Wellman Subsidiaries”) intend to reorganize (the “Reorganization”) pursuant to a plan of reorganization under chapter 11 of title 11, of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”). Wellman, the Wellman Subsidiaries and the Issuer (as defined below) are collectively referred to herein as the “Wellman Parties” and each, individually, a “Wellman Party”. Reference is made to the proposed plan of reorganization (as amended or modified, the “Plan”), attached hereto as Exhibit A. Terms used in this Plan Sponsorship Agreement (this “Agreement”) with initial capital letters that are not otherwise defined shall have the meanings ascribed to such terms in the Plan. This Plan Sponsorship Agreement supersedes and replaces the bac
