Reviving W.R. Grace

W.R. Grace, which had filed for bankruptcy in 2001, has revived despite of the legislation it faced due to the Fairness in Asbestos Injury Resolution Act where $140 billion fund was to be financed by a huge number of firms, including Grace, that once manufactured asbestos, containing products. The reorganization plan, filed in 2004 and amended in 2005, has helped Grace to put its asbestos liabilities at $1.7 billion and pay off unsecured creditors in full and give it shareholders 50% ownership in the post-bankruptcy firm.