W.R. Grace looks to extend letter-of-credit facility to March 1, 2013

By Caroline Salls

Pittsburgh, Dec. 20 - W.R. Grace & Co. requested court approval to extend the termination date of a $100 million letter-of-credit facility to March 1, 2013 from March 1, 2012, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it does not expect to emerge from bankruptcy and enter into exit financing before the current March 1 termination date.

As a result, W.R. Grace said it negotiated the extension with agent Bank of America, NA.

The company will pay a $250,000 amendment fee.

A hearing is scheduled for Jan. 23.

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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