31 January 2012 16:08 [Source: ICIS news]
HOUSTON (ICIS)--A US court has confirmed WR Grace's reorganisation plan and denied all objections, raising hopes said the firm may finally emerge from 11 years under US bankruptcy protection, the company said on Tuesday.
The US-based specialty chemicals and catalyst producer filed for Chapter 11 bankruptcy protection in April 2001 because of asbestos damage claims.
The company's plan establishes two asbestos trusts to compensate personal injury claimants and property owners.
However, Grace said it remains unclear when exactly it will emerge from Chapter 11 bankruptcy protection, mainly because there could be further appeals against its reorganisation plan.
Company CEO Fred Festa said the court’s ruling was “another necessary step in emerging from Chapter 11.”
“Two federal courts have now ruled that our ‘joint plan’ is fair to all parties,” Festa added.
“It is time to put the joint plan into effect so that money can begin to flow to claimants who have been waiting for more than a decade to be compensated, and Grace can move forward as well,” he said.
For more on WR Grace and other producers visit ICIS company intelligence
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