Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



WR Grace emerges from bankruptcy after 13 years

02.04.2014  | 

US-based catalysts and specialty chemicals company WR Grace has emerged from bankruptcy nearly 13 years after filing for Chapter 11 protection over a series of asbestos claims.

Keywords:

WR Grace has officially emerged from bankruptcy, nearly 13 years after initially filing for Chapter 11 protection over asbestos claims.

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 full."

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 claims.



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Related articles

FEATURED EVENT


Sign-up for the Free Daily HP Enewsletter!

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Should the US allow exports of crude oil? (At present, US companies can export refined products derived from crude but not the raw crude itself.)


64%

36%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2014 Hydrocarbon Processing. © 2014 Gulf Publishing Company.