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W.R. Grace official asbestos personal injury claimants file status report
By Jeff Pines
Washington, June 21 - W.R. Grace & Co.'s official asbestos personal injury claimants' committee filed its status report as required by the new judge handling the case.
According to the report filed Monday with the U.S. Bankruptcy Court for the District of Delaware, there are still a number of issues to be resolved.
Among the issues that remain are the Columbia, Md.-based chemical and construction products company's liability for Zonolite attic insulation, "conventional" asbestos property damage litigation, appointing a future claims representative, finalizing the agreements to sell its packaging business to Sealed Air Corp. and medical-care business to Fresenius AG and how to value the asbestos claims.
Motions to resolve the Zonolite issue are scheduled for Oct. 18-19. An order filed with the court over the conventional asbestos claims has not yet been signed.
On May 24, David Austern was appointed legal representative for the future claimants, but his appointment has been appealed by the Grace property damage committee and by some insurers.
If the Sealed Air and Fresenius cases can be resolved and the assets sold, it could add more than $1 billion to Grace's assets. Without a solution to these proposed sales, a creditor could not make an informed decision on any plan of reorganization, the report said.
To determine just how much Grace is on the hook for, the committee proposes hearings on determining how much the company owes the plaintiffs.
The company filed for Chapter 11 on April 2, 2001 to gain protection from asbestos claims. Its Chapter 11 case number is 01-1139.
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