WR Grace Proposes New DIP Setup, Exit Package

Law360, New York (January 19, 2010, 5:13 PM EST) -- Bankrupt chemical manufacturer W.R. Grace & Co. has asked a bankruptcy judge for permission to replace its current $165 million debtor-in-possession financing agreement, set to expire April 1, with a “more cost-effective” model allowing it to use “substantial cash reserves.”

In a motion pitched Tuesday in the U.S. Bankruptcy Court for the District of Delaware, W.R. Grace and its affiliated debtors, on the doorstep of emerging from a nine-year stint in bankruptcy, proposed a new, one-year cash collateralized letter of credit facility, with $100 million in...
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