Embattled U.S. chemical firm W.R. Grace emerges from bankruptcy
Maryland-based company forced into bankruptcy in 2001 because of asbestos-related lawsuits
BALTIMORE—W.R. Grace, the Maryland-based chemical company forced into bankruptcy because of asbestos-related lawsuits, has emerged from Chapter 11 protection.
The company posted on its website this week that its reorganization plan had gone into effect.
The company had filed for bankruptcy in 2001.
The asbestos lawsuits alleged that hundreds of people in the Montana town of Libby were killed or sickened by exposure to asbestos dust that came from a former Grace mine.
The Daily Record reports that the reorganization plan involves two trusts to compensate people who say they were injured by asbestos.
Grace employs more than 1,000 people in Maryland.