W.R. Grace set to exit Chapter 11 after 12 years


W.R. Grace & Co (GRA) has agreed to pay a group of bank lenders $1.1B in a deal that will settle the last remaining appeal against the specialty chemical manufacturer's plan to exit Chapter 11 after an astonishing 12 years.

Grace filed for bankruptcy protection in 2001 following an asbestos leak at one of its mines, which prompted a wave of lawsuits. Since then, the firm has survived two recessions and prospered as a result of the shale revolution. (Previous)

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