W.R. Grace wins court OK of $2.2 million Big Tex site settlement

By Caroline Salls

Pittsburgh, June 14 - W.R. Grace & Co. received court approval of a $2.2 million settlement that resolves the United States' environmental remediation claim related to the Big Tex site in San Antonio, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Grace said the United States notified it of a $2.25 million claim tied to the Big Tex site in April 2009 under procedures approved by the court in an EPA multi-site agreement order.

Under the settlement, the United States will have an allowed $2.2 million general unsecured claim for environmental remediation response costs at the Big Tex site.

The company said the claim stipulation covers costs "arising from any and all acts, omissions or conduct of the debtors," including claims, liabilities and obligations stemming from pre-bankruptcy generation, transportation, disposal or release of hazardous wastes or materials or pre-bankruptcy ownership or operation of hazardous waste facilities.

To the extent allowed by Grace's Chapter 11 plan of reorganization, interest will accrue on the Big Tex claim retroactive to Jan. 17 and will continue to accrue until a distribution is made on the general unsecured claim.

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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