WR Grace targets end-2013 to emerge from bankruptcy protection

24 April 2013 19:23  [Source: ICIS news]

HOUSTON (ICIS)--WR Grace now expects to emerge from US bankruptcy protection by the end of 2013, more than 12 years after filing for Chapter 11 due to asbestos damage claims, the CEO of the US-based specialty chemicals and catalysts firm said on Wednesday.

Fred Festa said that oral arguments in the case are scheduled to be heard by a panel of judges of the US Court of Appeals for the Third Circuit on 17 June.

Grace was confident to receive favourable rulings from the court to be able to finally emerge from Chapter 11 by the end of the year, Festa told analysts during the Grace’s 2013 Q1 results conference call.

Last year, a US district court affirmed Grace’ re-organisation plan, but five parties to the proceedings appealed.

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index