W.R. Grace seeks OK on bankruptcy exit loans of up to $1.55B

Banks are lined up to provide up to $1.55B worth of loans to W.R. Grace (GRA +0.2%) when the company ends its long stay in bankruptcy at the end of this month, Dow Jones reports.

At a Jan. 29 hearing, GRA will seek court authority to enter into the loan commitments along with other final touches on a Chapter 11 restructuring that will remove from the chemical company the threat of billions of dollars worth of liabilities for injuries linked to asbestos.

The money will be used to "pay in full all outstanding claims," left at the end of the bankruptcy, such as the $1.1B the company has agreed to pay investors in the bank loans it carried with it into bankruptcy in 2001.

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