W.R. Grace may delay exit from bankruptcy

March 03, 2009|By Bloomberg News

W.R. Grace & Co. said it may be forced to delay its exit from bankruptcy because it cannot get acceptable terms for a $1 billion loan the company says it needs to help to pay creditors. Grace, a specialty chemicals and construction materials company based in Columbia, made the disclosure in a filing yesterday with the U.S. Securities and Exchange Commission. Grace, in bankruptcy since 2001, has promised to pay creditors and people hurt by its asbestos products $3.9 billion under a reorganization plan the company plans to submit to a court for approval this year. W.R. Grace may also face almost $1.3 billion in fines and restitution if it loses an asbestos-contamination criminal trial.

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