W.R. Grace reaches settlement for all asbestos-related personal injury claims

CNN Money has reported that W.R. Grace & Co. has reached a settlement agreement that would settle all present and future asbestos personal injury claims. The agreement was reached with the official committee of asbestos personal injury claimants, the future claimants' representative and the official committee of equity security holders.

As part of the agreement, W.R. Grace will have to pay $250 million in cash into a trust.

The pact also includes warrants to acquire 10 million shares of W.R. Grace common stock at an exercise price of $17 per share, rights to proceeds under W.R. Grace's asbestos-related insurance coverage, the value of cash and stock under the litigation settlement agreements with Sealed Air Corp. (NYSE:SEE) and Fresenius Medical Care (NYSE:FMS) Holdings Inc., and deferred payments at $110 million per year for five years beginning in 2019 and $100 million per year for ten years beginning in 2024.

This agreement in principle is a very important step in emerging from Chapter 11,' the company said.

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