Lenders Scale Back W.R. Grace's Exit Financing

Law360, New York (March 18, 2008, 12:00 AM EDT) -- Several banks in the syndicate of lenders that promised to finance W.R. Grace & Co.'s exit from Chapter 11 bankruptcy protection have scaled back their funding offers, prompting the company to rethink its financing package.

At a hearing on Monday before Judge Judith Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware, a lawyer for W.R. Grace told the court that a handful of banks had refused to extend their bankruptcy loans.

The sudden lack of funds has forced the company to reduce its...
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