Bankruptcy Court Approves W.R. Grace $1.55B Exit Financing
The Wall Street Journal reported W.R. Grace & Co. received approval from Bankruptcy Court Judge Kevin Carey for as much as $1.55 billion worth of exit loans. While the loans will fund payments to creditors, the Journal says the company is also finishing documents that “will move billions of dollars’ worth of asbestos liabilities off the balance sheet” and ultimately lead the company out of bankruptcy.
The reportedly “cautiously optimistic” company set a target date for Friday, January 31 to conclude its nearly 13-year-long stint in Chapter 11, according to the Journal .
Previously on abfjournal: Bloomberg: W.R. Grace Said to Cut Rate on Bankruptcy Exit Loan, January 17, 2014