On February 22, 2008, Wellman Inc and certain of its subsidiaries filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code. We took this action in order to preserve the value of the Company while we pursue our previously announced sales process."
Keith Phillips, Wellman's Chief Financial Officer, added, "In the fourth quarter of 2007, we determined that, based on the fair market value of our debt and equity, certain of our non-current assets were impaired. Consequently, our fourth quarter and full year 2007 results were negatively impacted by the recording of a pretax $292.6 million impairment charge to reflect our non-current assets at fair market value, which was lower than cost, at December 31, 2007."
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