W.R. Grace & Co., a chemical maker company that went bankrupt more than seven years ago due to 135,000 asbestos claims, has agreed to settle the remainder of the lawsuits by paying $1.8 billion dollars. This final payment represents the last step in the company’s reorganization. A federal bankruptcy judge must approve the deal in Pittsburgh, where the company sought protection.
W.R. Grace & Co. plans to create a trust fund for victims of its products. Initially, $250 million will be deposited in the fund. An additional $1.55 billion will be given from 2019 to 2034, guaranteed by at least fifty percent coming from common stock.
Victims will also have the right to buy 10 million shares of common stock at the fixed price of $17.00 per share. With the stock value added in, the total settlement comes close to $3 billion.
This claim settlement is seen as a very important step for the company to emerge from Chapter 11 bankruptcy.
If you or anyone you know has suffered asbestos exposure, please contact the lawyers at Williams Kherkher at 866.950.9000 today to learn more about your legal rights.