WR Grace Asbestos Bankruptcy Plan Receives Initial Approval
A Delaware Bankruptcy Judge has approved a reorganization plan for the former asbestos manufacturer, WR Grace. The company soughtbankruptcy protection in 2001 from asbestos liabilities. The reorganization plan provides for the payment of benefits to victims of asbestos related disease.The proposed plan now must be reviewed by a US District Court Judge for final approval.
Asbestos exposure results in progressive and latent diseases including: asbestosis, lung cancer and mesothelioma. There is no known cure for mesothelioma, a rare and fatal disease. The use of asbestos is not yet banned in the US.
WR Grace manufactured asbestos insulation, Zonolite, and other asbestos containing products . For many years it mined asbestos inLibby, Montana, and left behind a legacy of disease to its former employees and residence of the mining community. Last year, the US Congress passed and the President signed, a national health care bill that provided medical coverage under Medicare for those who worked and/or resided in Libby, Montana.
Once the US District Court finalizes approval of the plan, the present and futures asbestos victims trusts will begin processing claims for payment.