The High Court has approved a scheme by an examiner that paves the way for the takeover of Wellman International in Mullagh.
The company, which previously employed 215 people, filed a petition with the High Court in June to place its operation into examinership.
Last month the local company said that it would have to address its "unsustainable" financial position if an investor was to purchase its operation in Mullagh.
It was confirmed to Northern Sound last night that the examiner’s scheme of arrangement for Wellman International has now been approved by the High Court.
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.
The statement went on to say that no involuntary departures were necessary.
Management together with the examiner will now implement all remaining steps to finalise the process.
