Grace Fails to Obtain Waivers Needed for Bankruptcy Exit

W.R. Grace has failed to obtain all waivers necessary for it to emerge from Chapter 11 bankruptcy protection. Sealed Air (Elmwood Park, NJ) and Fresenius Medical Care (Waltham, MA) have denied approval of waivers that involve the right to appeal related asbestos claims. The snag could delay Grace’s emergence from bankruptcy by up to one year. The company, which filed for bankruptcy in 2001 because of skyrocketing asbestos claims, intended to emerge from Chapter 11 by the end of 2012. Now it says it expects to exit Chapter 11 in the fourth quarter of 2013...

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