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Article: Grace Considers Bankruptcy Protection.(Brief Article)(Statistical Data Included)
- Article from:
- Chemical Week
- Article date:
- February 7, 2001
- Author:
CopyrightCOPYRIGHT 2001 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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W.R. GRACE SAYS THAT IT IS CONSIDering filing for bankruptcy protection because of asbestos-related liability. Grace would be the latest in a long line of companies that filed for bankruptcy due to asbestos litigation (CW, Jan. l7, p. 7). Grace stock dropped 38%, on the news, to about $2/share.
"Asbestos litigation continues to be our biggest challenge," says Paul Norris, chairman, president and CEO at Graco. "During 2000 we have seen the litigation environment worsen," says Norris. "Grace and its advisers are reviewing the strategic and operating issues associated with continuing to defend asbestos litigation through the court system, versus seeking a resolution ...