U.S. district court approves W.R. Grace’s reorganization plan

Quoted from http://www.reuters.com/article/2012/01/31/wrgrace-reorganization-idUSL4E8CV6X720120131

 

U.S. district court approves W.R. Grace’s reorganization plan

Tue Jan 31, 2012 10:52am EST

Jan 31 (Reuters) – W. R. Grace & Co said its reorganization plan has been approved by the U.S. district court of Delaware, clearing a major hurdle for the chemical and building products maker to emerge from its decade-long bankruptcy protection.

Grace filed for Chapter 11 bankruptcy in April 2001, weighed down by asbestos-related claims. A bankruptcy court confirmed its reorganization plan exactly a year ago.

The reorganization plan calls for setting up two asbestos trusts to compensate personal injury claimants and property owners, Grace said in a statement on Tuesday.

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