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World News and Views :: Top of the News
Grace Settles Personal Injury Claims; Sees Exit Plan by Early 2009
10:45 AM MDT | April 8, 2008 | Kara Sissell
W.R. Grace has settled current and future asbestos-related health claims for about $1.8 billion. Grace chairman and CEO Fred Festa says the settlement is “a very important step” in the company’s emergence from Chapter 11 bankruptcy protection. Asbestos litigation experts say the settlement agreement was substantially below the more than $5 billion claimants had sought. Claimants’ attorneys have estimated the settlement at about $3 billion, which factors in the option for claimants to purchase 10 million shares of Grace, at $17/share, one...
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