Key highlights
- The High Court in Ireland approved Wellman International's survival scheme.
- Indorama Ventures aims to find a new owner and preserve jobs.
- UG World Ltd. will receive new shares as the investor.
- Voluntary position reductions were achieved without involuntary departures.
High Court Approval
The High Court in Ireland has approved the examiner's scheme of arrangement for Wellman International. This decision marks a significant step in securing a new owner for the Irish operations.
Job Preservation
The survival scheme included a necessary reduction of positions, which was achieved voluntarily, ensuring no involuntary departures were required. This approach aims to preserve as much employment as possible.
New Investor
Management, alongside the examiner, will implement the remaining steps to finalize the process. This will allow new shares to be issued to UG World Ltd., the new investor in the company.
