W. R. Grace & Co. Emerges From Chapter 11 - Quick Facts

(RTTNews) - W. R. Grace & Co. (GRA) announced that its Joint Plan of Reorganization became effective on Feb. 3, marking the company's emergence from Chapter 11. On April 2, 2001, Grace voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to resolve its asbestos-related liabilities.

The Joint Plan establishes two independent trusts to compensate asbestos personal injury claimants and property owners. The trusts will be funded with more than $4 billion from a variety of sources including cash, warrants to purchase Grace common stock, deferred payment obligations, insurance proceeds, and payments from former affiliates. All allowed claims of non-asbestos creditors will be paid in full, the company said.