W.R. Grace $32 million insurer plan objection settlement approved

By Caroline Salls

Pittsburgh, Nov. 3 - W.R. Grace & Co. received court approval of a settlement that resolves plan of reorganization objections filed by asbestos insurer Federal Insurance Co., according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the settlement, the insurer will pay $32 million to Grace's plan of reorganization asbestos trust without need for litigation to enforce a 1997 agreement resolving coverage disputes.

Federal also agreed to withdraw all plan objections.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.