W.R. Grace To Pay $1.8B In Asbestos Settlement

Law360, New York (April 7, 2008, 12:00 AM EDT) -- W.R. Grace & Co. has agreed to pay $1.8 billion over 26 years to settle the remainder of the 135,000 asbestos-related personal injury claims that forced the specialty chemicals firm into bankruptcy in 2001, the company said Monday.

Under the proposed agreement, Grace would pay $250 million in cash into a trust, then make deferred payments at $110 million a year from 2019 to 2024, followed by $100 million a year from 2024 to 2034.

The $1.55 billion in deferred payments would be backed by 50.1%...
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