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February 27, 2008 |
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WELLMAN INC: Moody's Lowers Ratings on Bankruptcy Filing Moody's Investors Service downgraded Wellman, Inc.'s corporate family rating to Ca from Caa2 and probability of default rating to D from Caa2, following the company's announcement that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court, Southern District of New York. The ratings on the company's debt issues were also downgraded. The ratings will be withdrawn in the near future due to the bankruptcy. Wellman, Inc. -- Corporate family rating -- Ca from Caa2 -- Probability of default rating -- D from Caa2 -- US$185mm First lien term loan due 2009 -- Caa2 (LGD2, 29%) from B3 (LGD2, 29%) -- US$265mm Second lien term loan due 2010 -- C (LGD5, 79%) from Caa3 (LGD5, 79%) Wellman manufactures and markets PET (polyethylene terephthalate) packaging resins under the PermaClear brand name and polyester staple fibers under the Fortrel brand name. The company is headquartered in Fort Mill, South Carolina and had revenues from continuing operations of US$1.3 billion for the LTM ended September 30, 2007. Wellman, Inc. manufactures and markets high-quality polyester products, including PermaClear brand PET (polyethylene terephthalate) packaging resins and Fortrel brand polyester fibers. |
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