Grace to settle asbestos claims in cash, sees late 2013 exit

W.R. Grace reached agreement with asbestos claimants earlier this month to settle a warrant funding a portion of its asbestos liabilities in cash rather than Grace stock. Grace officials also said that the company could emerge from Chapter 11 bankruptcy protection in late 2013, pending final appeals and court approval of its reorganization plan. The company entered bankruptcy protection in April 2001 because of asbestos claims. A cash settlement would provide greater certainty around the final costs to settle asbestos claims, says Grace CFO Hudson La Force. The...

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