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Business

Grace Nears End Of Long Bankruptcy

by Marc S. Reisch
January 6, 2014 | APPEARED IN VOLUME 92, ISSUE 1

W.R. Grace has entered an agreement with a group of lenders that could allow it to clear the last hurdle in one of the longest-running bankruptcy reorganizations in U.S. history. Grace filed for reorganization nearly 13 years ago. Lenders would get $129 million on top of the nearly $1 billion they are already owed under the firm’s reorganization plan if a Delaware judge approves the arrangement. The reorganization plan already includes provisions for asbestos claims that originally forced the firm to seek court protection. Grace says its target date to emerge from bankruptcy is Jan. 31.

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