Wellman, Inc. Receives an Additional One Week Extension of Time for Approval of Bidding...

Wellman, Inc. Receives an Additional One Week Extension of Time for Approval of Bidding Procedures

FORT MILL, S.C.--(Business Wire)--
Wellman, Inc. (OTCBB: WMANQ) announced that the lenders providing
its Debtor in Possession ("DIP") financing have granted the Company an
additional one week extension of time so that the Company has until
June 26, 2008 to have bidding procedures approved by the Bankruptcy
Court. All other terms of the DIP financing remain the same.

The Company, in consultation with its stakeholders, is continuing
to evaluate proposals and restructuring alternatives, including a plan
of reorganization, in an effort to maximize the value of Wellman's
business on a going concern basis. This extension will provide Wellman
with additional time to continue discussions with stakeholders and
interested parties to develop the terms of a plan of reorganization.

Mark Ruday, Wellman's Chief Executive Officer stated, "We are
encouraged by the progress we have made. During the next week, we
expect to amend our DIP facility so that it permits us to file a plan
of reorganization in June. We expect to have the plan confirmed and to
emerge from bankruptcy later this year. Our first and second lien debt
holders have each expressed interest in having a prominent role in our
plan of reorganization. We appreciate the support that the DIP lenders
have provided. This has enabled us to work towards a plan of
reorganization which we believe is the most attractive alternative for
Wellman's stakeholders including its customers, suppliers and
employees."

Forward-Looking Statements

Statements contained in this release that are not historical
facts, are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. In
addition, words such as "believes," "expects," "anticipates," and
similar expressions are intended to identify forward-looking
statements. These statements are made as of the date of this report
based upon current expectations, and we undertake no obligation to
update this information. These forward-looking statements involve
certain risks and uncertainties, including, but not limited to: our
substantial liquidity needs and liquidity pressure; our substantial
indebtedness and its impact on our financial health and operations;
risks associated with our indebtedness containing floating interest
rate provisions and its effect on our financial health if rates rise
significantly; our ability to obtain additional financing in the
future; risks associated with claims not discharged in the Chapter 11
cases and their effect on our results of operations and profitability;
risks associated with the transfers of our equity, or issuances of
equity in connection with our reorganization and our ability to
utilize our federal income tax net operating loss carry-forwards in
the future; our dependence on our management and employees; the
adverse effect of competition on our performance; reduced raw material
margins; availability and cost of raw materials; reduced sales
volumes; increase in costs; volumes of textile imports; prices and
volumes of polyester staple fiber and PET resin imports; the financial
condition of our customers; change in tax risks; environmental risks;
natural disasters; regulatory changes; U.S., European, Asian and
global economic conditions; work stoppages; levels of production
capacity and profitable operations of assets; prices of competing
products; acts of terrorism; and maintaining the operations of our
existing production facilities. Actual results may differ materially
from those expressed herein. Results of operations in any past period
should not be considered indicative of results to be expected in
future periods. Fluctuations in operating results may result in
fluctuations in the price of our common stock. For a more complete
description of the prominent risks and uncertainties inherent in our
business, see our Form 10-K for the year ended December 31, 2007.

Wellman, Inc.
Michael Bermish, 803-835-2238
Investor Relations Officer

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