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Tuesday, April 8, 2008

W.G. Grace to Settle Asbestos Claims for $3 Billion

W.R. Grace and Co. has announced that it will fund a trust for resolving all current and future asbestos-related personal-injury claims. The company entered bankruptcy 7 years ago with 135,000 asbestos claims pending. Grace had set aside $1.7 Billion in 2004 to pay its asbestos liabilities and will probably finance another $1.5 Billion to provide additional contribution to the financial package for asbestos claim resolution.

In March 2008 Grace agreed to reimburse the U.S. Superfund program for the cleanup costs associated with its Libby, Montana, asbestos facility

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