17 November 2008 22:16 [Source: ICIS news]
HOUSTON (ICIS news)--US polyethylene terephthalate (PET) producer Wellman reported on Monday a third-quarter net loss of $50.5m (€40.4m), due, in part, to the company's bankruptcy filing.
During the same time last year, Wellman reported a net loss of $18m. The company filed for bankruptcy protection in 2008.
The bankruptcy filing hurt sales, Wellman said, because it created uncertainty about the company's future. Bankruptcy also constrained the company's liquidity, which caused sales volumes to drop.
Wellman reported third-quarter net sales of $233.6m, down 14%. Cost of sales dropped 6% to $255.1m in the third quarter.
However, restructuring and reorganisation expenses brought the company's expenses near the levels reached in 2007.
($1 = €0.80)
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