Item 1.01. Entry into a Material Definitive Agreement.
On November 4, 2008, Wellman, Inc. (the "Company") and certain of its subsidiaries (collectively, the "Debtors") entered into an amendment of its senior secured super-priority Debtor-in-possession credit agreement dated February 27, 2008 (the "Credit Agreement") among the Company and certain of its domestic subsidiaries, as borrowers, Deutsche Bank Securities Inc., as sole lead arranger and bookrunner, Deutsche Bank Trust Company Americas, as administrative agent and collateral agent, and the lenders (the "Lenders") that from time to time become party thereto. Under the default provision in Section 9.1(i)(xv), sub clause (iv), of the Credit Agreement as amended, it would have been an event of default if the Company had not obtained approval of its Disclosure Statement by November 4, 2008. This amendment extended the date to obtain approval of its Disclosure Statement until November 11, 2008. In addition the amendment reduced the maximum total commitments of all the lenders, in the aggregate, to $100,000,000. Each of the lenders commitment in Annex 1 was reduced proportionally. Also, Section 9.1(i)(xv), subclause (ii) was amended, so that it would be an event of default if the Company has not obtained a binding commitment without any due diligence or other similar contingencies in from and substance reasonably satisfactory to the Majority Lenders to backstop a rights offering or other similar commitment in connection with a Reorganization Plan of not less than $90 million by November 11, 2008.

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