W.R. Grace exclusivity extension affirmed on appeal to allow time for asbestos claims estimation hearings

By Caroline Salls

Pittsburgh, Jan. 25 - An order extending W.R. Grace & Co.'s exclusive plan-filing and solicitation periods through a July 2007 omnibus hearing was affirmed Thursday by the U.S. District Court for the District of Delaware following an appeal by the company's future asbestos claimants' representative, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

District court judge Ronald L. Buckwalter agreed with the company's assertion that hearings on estimation of asbestos claims must be completed before a consensual plan of reorganization can be filed.

Buckwalter said having competing plans would not advance the estimation of the asbestos claims.

The claims estimation hearing is scheduled to begin in June.

W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001. Its Chapter 11 case number is 01-01139.

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