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Grace Files Reorganization Plan with Bankruptcy Court

1:25 PM MDT | September 22, 2008 | Kara Sissell

W.R. Grace has filed a reorganization plan and accompanying disclosure statement with U.S. Bankruptcy Court in Delaware. The company says the plan filed late last Friday night is consistent with the firm’s previously announced asbestos personal injury settlement. Grace last April agreed to settle asbestos-related health claims for about $1.8 billion. Claimants also were given an option to purchase 10 million shares of Grace, at $17/share, one year after Grace exits bankruptcy. The recently filed reorganization documents represent “an equitable plan...

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