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W.R. Grace seeks approval of $4 million Advanced Refining share sale
By Caroline Salls
Pittsburgh, Sept. 22 - W.R. Grace & Co. requested court approval of the proposed $4 million sale of 5% of the limited liability company shares of Advanced Refining Technologies LLC to Chevron U.S.A. Inc., according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.
The company said the share sale is the best method for deconsolidating Advanced Refining from Grace's parent's consolidated group to reduce cash burden and avoid potential tax implications.
In connection with the sale, Grace is also looking to reduce the credit line on a Grace-ART credit agreement to $20.25 million from $24.75 million and to make borrowings on an unsecured basis from Advanced Refining capital loans.
The unsecured borrowings will be repaid on a cash-neutral basis, according to the motion.
Specifically, Grace said it will borrow $8.7 million in connection with expenditures made in 2007 and 2008 and $3.5 million in connection with expenditures made in 2009.
The company said it will also borrow up to $6 million per year for the years of 2010 to 2014.
A hearing is scheduled for Oct. 26.
W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001. Its Chapter 11 case number is 01-01139.
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