23 October 2013 19:46 [Source: ICIS news]
HOUSTON (ICIS)--WR Grace expects to emerge from US bankruptcy protection by the end of January 2014, provided there are no appeals filed, the US company’s CEO said on Wednesday.
Fred Festa said that the specialty chemicals and catalysts producer has completed “four of the five appeals” processes before the US Court for the Third Circuit, with the company awaiting the court to rule on a default interest appeal.
He made his comments during a Q3 earnings conference call.
The deadline for appeals of the rulings, which would go to the Supreme Court, is early December, Festa said.
If appeals are filed, WR Grace’s emergence from bankruptcy more than a decade after filing for Chapter 11 will likely be delayed two to three months, he said.
However, “We think it is very unlikely the Supreme Court will hear any of these appeals,” Festa said.
Last year, a US district court affirmed Grace’ re-organisation plan, but five parties to the proceedings appealed.
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