Jan 29 Chemical maker W.R. Grace & Co
received approval to line up about $1.55 billion in bankruptcy
exit financing, a court filing showed on Tuesday.
Grace will use the money to pay all outstanding claims,
including $1.1 billion to its lenders, removing the last
obstacle to its emergence out of bankruptcy protection.
The remaining amount will go towards funding trusts that
will be created to pay asbestos-related injury claims, an
earlier court filing showed.
The company is likely to emerge from bankruptcy on Jan. 31.
Grace filed for Chapter 11 protection in 2001, making it one
of the longest bankruptcies in the history of the United States,
after an asbestos leak at one of its mines led to a slew of
The case is W.R. Grace & Co, et al, Case No. 01-01139, U.S.
Bankruptcy Court, District of Delaware.