W.R. Grace seeks exclusivity extensions to file plan, solicit votes

By Caroline Salls

Pittsburgh, May 24 - W.R. Grace & Co. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive period for filing a plan to Nov. 23 from May 24 and to solicit votes to Jan. 23, 2006 from July 24.

W.R. Grace said it has made progress in the development of a plan of reorganization but that it needs more time to resolve issues of the Chapter 11 cases, including development of case management procedures for estimating the value of asbestos-related claims.

The company said the asbestos committees and future claimants representative currently do not support its plan.

A hearing on the extension will be held June 27.

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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