Oct 24, 2008 - Bankruptcy Hearings on Grace's Chapter 11Exit Strategy
The company wants to leave bankruptcy early next year but lawyers who represent mesothelioma patients in Libby, Montana, want Grace to rework Chapter 11 reorganization plans first in order to protect their clients. The asbestos lawyers say the company should change their reorganization plan before exiting. They suspect the plan is designed to prevent 72% of their claims for wrongful death. A bankruptcy judge has scheduled three days of hearings next week to sort out objections to Grace's exit plan.
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