W.R. Grace Seeks $59M Loan From Life Insurance

Law360, New York (June 30, 2008, 12:00 AM EDT) -- Facing a bill by its financial backers for $100 million in interest payments, W.R. Grace and Co. has asked a judge for permission to borrow against its employee life insurance policies to aid its exit from bankruptcy.

The mining company filed a motion in the U.S. Bankruptcy Court for the District of Delaware on Friday seeking an order authorizing a loan of $59 million from the policies.

W.R. Grace, which has been operating under Chapter 11 for seven years, told the court it needs the funds...
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