Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

W.R. Grace Plan Effective

W.R. Grace’s Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan in January 2012, and the U.S. District Court entered its order in June 2012. Both Bankruptcy and District Court orders are required as a result of the case’s asbestos exposure component. 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 W.R. Grace’s common stock, deferred payment obligations, insurance proceeds and payments from former affiliates. All allowed claims of non-asbestos creditors will be paid in full. This chemical and construction holding company filed for Chapter 11 protection in April 2001, listing $2.6 billion in total pre-petition assets.

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