W.R. Grace settles last remaining appeal to help exit bankruptcy

(Reuters) - W.R. Grace & Co (GRA) said it has settled the only remaining appeal for its Chapter 11 plan with a group of bank lenders, paving the way for the U.S. chemicals maker to emerge out of bankruptcy protection after 12 years. Grace will pay the lender group $1.1 billion, comprising $971 million of principal and undisputed interest through December 31 and $129 million in settlement, removing the last remaining obstacle to its emergence out of bankruptcy protection. John Bader, chairman of Halcyon Asset Management, the single largest owner of W.R. Grace bank debt, said that the hedge fund is pleased with the settlement.



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