UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 914, 2009

Wellman, Inc.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation) 1-10033 (Commission File Number) 04-1671740 (IRS Employer Identification No.)


Delaware	1-10033	04-1671740
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

3303 Port and Harbor Drive Bay St Louis, Mississippi (Address of principal executive offices) 39520 (Zip Code)


3303 Port and Harbor Drive
Bay St Louis, Mississippi		39520
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (228) 533-4480

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 1.01. Entry into a Material Definitive Agreement.
	Item 1.01. —Entry into a Material Definitive Agreement.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Ex-10.1 Plan Sponsorship Agreement dated January 9, 2009
EX-10.1 - Amendment to Credit Agreement
Ex-10.2 Exit Financing Commitment - Senior Credit Facility Commitment Letter dated January 9, 2009.

Item 1.01. — Entry into a Material Definitive Agreement.

On January 914, 2009, Wellman, Inc. (the “Company”), and certain of its subsidiaries ~~(collectively,~~ ~~the “Debtors”), Sola, Ltd. and BlackRock Financial Management, Inc.~~ (collectively ~~with Sola~~, ~~Ltd.,~~ the “~~Plan Sponsors~~Debtors”) entered into aan ~~Plan~~amendment ~~Sponsorship~~of ~~Agreement,~~its insenior ~~which~~secured ~~the~~super-priority ~~Plan Sponsors will~~Debtor ~~invest~~in ~~$35 million~~possession ~~dollars~~credit inagreement ~~Wellman~~dated ~~Holdings~~February 27, ~~Inc.~~2008 (the “~~Reorganized~~Credit ~~Wellman~~Agreement”), aamong ~~newly formed Delaware corporation that will hold 100% of~~ the ~~equity of the~~ Company and ~~upon~~certain ~~consummation~~ of ~~the Debtors’~~its ~~Third~~domestic ~~Amended~~subsidiaries, ~~Joint~~as ~~Plan~~borrowers, ofDeutsche ~~Reorganization~~Bank ~~(as~~Securities ~~modified~~Inc., ~~the~~as ~~“Plan”)~~sole ~~under Chapter 11 of~~lead ~~the~~arranger ~~Bankruptcy~~and ~~Code.~~bookrunner, InDeutsche ~~exchange~~Bank ~~for~~Trust ~~such~~Company ~~investment~~Americas, ~~the~~as ~~Plan~~administrative ~~Sponsors~~agent ~~will~~and collateral ~~receive~~agent, ~~common stock~~ and ~~$40 million~~the inlenders ~~principal~~that ~~amount~~from oftime ~~second-lien~~to ~~secured~~time ~~convertible~~become ~~notes~~party ofthereto ~~Reorganized Wellman~~ (the “~~Convertible~~DIP ~~Notes~~Lenders”),. The ~~which~~amendment ~~represents~~changed ~~on an as-converted basis 50% of~~ the ~~total~~following ~~common~~terms ~~stock~~ of ~~Reorganized Wellman. This description of~~ the ~~Plan~~Credit ~~Sponsorship~~ Agreement ~~is qualified in its~~: ~~entirety by the copy thereof attached as Exhibit 10.1 hereto and which is incorporated by reference herein.~~

On• ~~January 9,~~The ~~2009,~~Agreement ~~CIT~~contains ~~Group/Business~~provisions ~~Credit,~~that ~~Inc.,~~limit ~~CIT~~the ~~Bank~~amount ~~and~~an ~~CIT~~Eligible ~~Capital~~Receivable ~~Securities~~from ~~LLC~~ a customer (~~collectively,~~i.e. ~~“CIT”),~~a ~~and~~receivable from a customer that could be included in the ~~Company~~Borrowing ~~entered~~Base) ~~into~~to a ~~Senior~~percentage ~~Credit~~of ~~Facility~~total ~~Commitment~~Accounts ~~Letter~~Receivable (the “~~Commitment~~Concentration ~~Letter~~Limit”),. inThis ~~which~~amendment ~~CIT~~increased ~~committed~~the toConcentration ~~providing~~Limit for certain customers. On the ~~Company~~date ~~with~~of athe ~~$35 million~~amendment, ~~revolving credit~~this ~~facility~~change ~~upon~~increased ~~emergence~~the ~~from~~Eligible ~~bankruptcy~~Accounts ~~assuming~~Receivable ~~that~~and ~~certain~~therefore ~~conditions~~increased ~~are~~the ~~satisfied~~Borrowing Base. ~~This~~ ~~description~~• ofCertain ~~the~~“Specified ~~Commitment~~Accounts ~~Letter~~Receivable” isare ~~qualified~~now inconsidered ~~its~~as ~~entirety~~“Eligible byAccounts Receivable” and included in the ~~copy~~Borrowing ~~thereof~~Base. ~~attached~~ Specified Accounts Receivable are defined as ~~Exhibit~~ the insured amount of certain foreign fiber receivables. • The Borrowers were granted a 10 day extension from January 15th to January 25th 2009 to deliver their monthly financial package for December 2008.2 ~~hereto~~• ~~and~~The ~~which~~requirement that the Borrowers’ provide a liquidation budget to be utilized in the event that the Reorganization Plan is ~~incorporated~~not byconfirmed ~~reference~~was ~~herein~~waived.

~~Proceeds~~ This ~~from~~description ~~the~~is ~~Plan~~qualified ~~Sponsors~~in ~~and~~its ~~senior~~entirety ~~credit~~by ~~facility~~reference ~~will be used~~ to ~~repay~~Exhibit 10.1 amounts borrowed under the Debtor in Possession Credit Agreement and pay certain deferred financing fees, administrative expenses, priority claims, cure payments and professional fees associated with the consummation of the Company’s Plan (as defined below)hereto.

On January 13, 2009, the Plan was confirmed by the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). Consummation of the Plan is subject to numerous conditions, including those set forth in the Plan Sponsorship Agreement and the Commitment Letter.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable. (b) Not applicable. (c) Exhibits

~~(b) Not~~10.1 ~~applicable~~Amendment to the Credit Agreement, effective January 14, 2009, by and among Wellman, Inc. as Funds Administrator and the other borrowers under the Credit Agreement party hereto, each as Debtor and Debtor-in-possession, Deutsche Bank Trust Company Americas, as Administrative Agent, and the other financial institutions party hereto.

10.1 Plan Sponsorship Agreement dated January 9, 2009.

10.2 Exit Financing Commitment — Senior Credit Facility Commitment Letter dated January 9, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	Wellman, Inc.
January 15, 2009	/s/ Keith R. Phillips
January 21, 2009	/s/ Keith R. Phillips
	Keith R. Phillips
	Vice President, Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number		Description
10.1		~~Plan~~Amendment ~~Sponsorship~~to the Credit Agreement, ~~dated~~effective January 914, 2009, by and among Wellman, Inc. as Funds Administrator and the other borrowers under the Credit Agreement party hereto, each as Debtor and Debtor-in-possession, Deutsche Bank Trust Company Americas, as Administrative Agent, and the other financial institutions party hereto.
10.2		Exit Financing Commitment — Senior Credit Facility Commitment Letter dated January 9, 2009.

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Filing Compare · WELLMAN INC