03 February 2014 23:16 [Source: ICIS news]
HOUSTON (ICIS)--WR Grace has emerged from bankruptcy nearly 13 years after filing for Chapter 11 protection due to asbestos claims, the US catalyst and specialty chemical maker announced on Monday.
The company’s Joint Plan of Reorganization established two independent trusts to compensate personal injury claimants and property owners, WR Grace said in a news release.
Funding for the trusts will be more than $4bn and will come from cash, warrants to purchase WR Grace common stock, deferred payment obligations, insurance proceeds and payments to former affiliates, the company said.
“All claims of non-asbestos creditors will be paid in full,” WR Grace said.
WR Grace filed for bankruptcy on 2 April 2001.
At the time of its bankruptcy filing, the company faced 65,656 such cases involving 17 property-damage claims and more than 129,000 personal-injury claims.
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