WR Grace has officially emerged from bankruptcy, nearly 13
years after initially filing for Chapter 11 protection over
In a statement released Tuesday, the US-based catalysts and
specialty chemicals company said a joint plan of
reorganization has become effective today.
"The joint plan establishes two independent trusts to
compensate asbestos personal injury claimants and property
owners," WR Grace said in a statement.
"The trusts will be funded with more than $4 billion from a
variety of sources including cash, warrants to purchase Grace
common stock, deferred payment obligations, insurance
proceeds, and payments from former affiliates," it continued.
"All allowed claims of non-asbestos creditors will be paid in
On April 2, 2001, Grace voluntarily filed for reorganization
under Chapter 11 of the US Bankruptcy Code in order to
resolve its asbestos-related liabilities. At the time of
its filing, Grace faced 65,656 cases involving 17
property-damage claims and more than 129,000 personal-injury