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 The rigid stance that W.R. Grace & Co. has asserted with asbestos-related claims holders appears to be bending, and an end to its seven-year bankruptcy may be dimly visible in the distance.
First, the chemicals maker crafted a $250 million settlement March 12 with the U.S. Environmental Protection Agency. Now comes news that it ironed out a $250 million cash deal with all present and future asbestos-related claims holders that deferred additional payouts. While most asbestos-riddled debtors relied on outside experts and a standard formula for assessing claims, Grace dug in for a fight. The company decided to fight the veracity of certain claims, insisting it owed money to only a fraction of the people who filed them. The holders set them at $4 billion; Grace put them at $1.6 billion. Could the end finally be nearing? It was just last week (April 2) that Grace hit its seventh anniversary under Chapter 11. It is the last of the Big Five asbestos-related bankruptcies (Federal-Mogul Corp., Armstrong World Industries, Owens Corning and USG Corp.) to file for bankruptcy in Delaware to remain in Chapter 11. Perhaps that fact has finally dawned on W.R. Grace, which for so long has seemed too comfortable in bankruptcy. Whether this settlement will really be the last word in the asbestos saga of the Columbia, Md.-based chemical company remains to be seen. But one thing's for sure: It's long overdue. - Terry Brennan See story about W.R. Grace's environmental deal from TheDeal.com CategoriesComments
From: Dr.Doug Rasic,
I differ with the interpretation that the Grace/NC plane crash was engineered
Posted on:
April 28, 2008 11:14 AM
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WR Grace is well known for always trying to get out of "sticky" and Dangerous situations especially when it comes to Payment in damages.
As was the case in Deerborn with solvents and chemicals seeping in the ground and POISONING the river and making many people sick.
This chapter is just another in Grace saga of doing their "Thing" for the "Enviroment" or rather Distruction of it.
Come on WR Grace Pay up, or SHUT down.