Management
The examiner’s scheme of arrangement for Wellman International has been approved by The High Court in Ireland. That means Indorama Ventures has achieved its main goal to find a new owner for the Irish operations and preserve as much employment as possible.
The necessary reduction of positions that was part of the survival scheme was achieved voluntarily. No involuntary departures were necessary.
Management together with the examiner will now implement all remaining steps to finalize the process, so that new shares can be issued to UG World Ltd. as the new investor.
Indorama Ventures is very grateful for everyone’s efforts in this examinership process, which has helped to manage a difficult situation successfully and achieve the best possible outcome for employees, customers, business partners, and the local community.
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