Grace Asbestos Claimants Submit Alternative Bankruptcy Plan

Claimants and creditors of chemical giant W.R. Grace & Co. filed an alternative proposed Plan of Reorganization on Monday, Nov. 5 in the Delaware Bankruptcy Court that is overseeing the Company’s Chapter 11 proceedings.

The Official Committee of Asbestos Personal Injury Claimants and David T. Austern, the Court appointed representative of Future Personal Injury Claimants in Grace’ s Chapter 11 proceeding prepared the plan.

W.R. Grace, the Official Committee of General Unsecured Creditors and the Official Committee of Equity Holders had filed, as co-proponents, a proposed Plan of Reorganization in January 2005.

Both plans can be obtained through the Delaware Bankruptcy Court at: www.deb.uscourts.gov.