Clapper, Patti, Schweizer and Mason

W. R. Grace & Co. is a global supplier of products to refineries, catalysts for the manufacture of plastics, specialty materials for industrial applications, chemicals, additives and building materials for commercial and residential construction, and sealants for food and beverage packaging. Grace currently has annual sales of almost $3 billion, 6,500 employees and operates in ore than 40 countries.

Grace and its subsidiaries made asbestos containing products for many decades. Because users of these products developed disease as a result of breathing in the asbestos fibers, many lawsuits were filed against Grace.  In order to delay paying settlements to asbestos lawyers representing the victims, Grace filed for Chapter 11 bankruptcy.

Grace has disclosed that a joint proposed reorganization plan was filed on November 5, 2007, by the Official Committee of Asbestos Personal Injury Claimants and the representative of Future Personal Injury Claimants. Grace, the Official Committee of General Unsecured Creditors and the Official Committee of Equity Holders had already filed a proposed Plan of Reorganization in January 2005.  Therefore, the bankruptcy court will now be required to consider the two competing plans of reorganization. 

Jack K Clapper
Clapper, Patti, Schweizer & Mason
415-332-4262
800-440-4262