Bankruptcy Exit Financing for Grace Drops to $600 Million


W.R. Grace & Co, a company that manufactures catalysts for oil refining confirmed that the money it needs to exit from its decade-long bankruptcy fell to $600 million after a spike in its cash reserves. Grace will utilize $1 billion of its cash to finance its emergence from bankruptcy, according to its Chief Financial Officer, Hudson La Force III.

The amount that Grace needed for exiting bankruptcy has fallen over the years. Back in 2008, the company said it needed $1.5 billion. It forecasted in July last year that it would need to borrow $800 million. The company filed for Chapter 11 bankruptcy protection in April 2001.

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