WR Grace Pitches Allstate Asbestos Claim Deal

Law360, New York (August 17, 2009, 12:56 PM EDT) -- W.R. Grace & Co. has asked the court overseeing its long-running Chapter 11 proceedings to approve an amended settlement deal with Allstate Insurance Co. under which $88 million would be made available for a proposed trust to handle asbestos claims and Allstate would withdraw all objections to Grace's reorganization plan.

The debtor filed a motion seeking a green light for the amended asbestos settlement agreement with Allstate in the U.S. Bankruptcy Court for the District of Delaware Aug. 14.

Allstate is a successor-in-interest to Northbrook Excess...
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