April 8: In what is described as “a very important step in emerging from Chapter 11”, sealants and coatings manufacturer W R Grace has announced that it would settle all present and future asbestos-related personal injury claims.
It is setting up a $250 million trust fund and arrangements that provide further sums up to $1.55bn.
The agreement, reached with the Official Committee of Asbestos Personal Injury Claimants, the Future Claimants Representative and the Official Committee of Equity Security Holders, requires assets to be paid into a trust to be established under Section 524(g) of the United States Bankruptcy Code.
