The approval of a bankruptcy reorganization plan for specialty chemical maker W.R. Grace & Co., which had been expected by December 31, will be delayed into January 2011. U.S. Bankruptcy Judge Judith Fitzgerald, overseer of the case, is responsible for extending the potential approval.
W.R. Grace & Co. first filed for bankruptcy protection in 2001 after being hit with over 100,000 lawsuits from people claiming health issues due to exposure to W.R. Grace manufactured asbestos. With the bankruptcy filing, outstanding lawsuits were put on hold, allowing the company ample time to establish a trust for victims. During this time, W.R. Grace also fought what it deemed ungrounded suits. Asbestos is known for its fire-retardant qualities and tensile strength, but, unfortunately, it is also known for causing mesothelioma. Mesothelioma is a rare and aggressive cancer that often attacks the lung and stomach lining of its victims.
In April 2008, the company first agreed to the bankruptcy reorganization plan. The plan would settle the current suits against W.R. Grace, establish a payment schedule for a trust to support future victims, and allow any claimants to buy company stock at a discounted price.
Have you or loved one been diagnosed with mesothelioma due to asbestos exposure? A mesothelioma lawyer may be able to assist you.