W.R. Grace looks to make $50 million 2013 retirement plan contribution

By Caroline Salls

Pittsburgh, Feb. 15 - W.R. Grace & Co. is seeking court approval to make a $50 million 2013 contribution to the trust holding and investing assets for the benefit of its U.S. defined benefit employee retirement plans, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it would make the contribution before March 31.

The 2013 contribution equals the W.R. Grace debtors' forecast of plan service costs for the next two years. The company said the contribution is designed to maintain plan trust funding levels at 90% or more at present interest rates.

In addition, Grace said the 2013 contribution would also yield $18.5 million in cash tax savings and maintain the company's glide path asset allocation and risk mitigation strategy.

A hearing is scheduled for April 2.

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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