A U.S. Bankruptcy Judge has approved a reorganization plan for W.R. Grace, a chemical manufacturer, in order for them to emerge from bankruptcy protection.
W.R. Grace filed for bankruptcy in 2001 after incurring nearly 110,000 asbestos related lawsuits. Plaintiffs contended that they were exposed to asbestos products manufactured by the company, which led to them developing numerous diseases and health complications.
Once W.R. Grace filed for bankruptcy, the lawsuits were placed on hold, allowing the company time to establish asbestos trusts for the victims and plead their case.
The reorganization plan was approved by Judge Judith Fitzgerald, but it must still be confirmed in a U.S. District Court.
W.R. Grace is very happy with the news and believes that the future of the company will remain bright.
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