W.R. Grace & Co. Files for Reorganization under Chapter 11

WILMINGTON, Del. - Longtime asbestos defendant W.R. Grace & Co. has filed for bankruptcy protection, citing the overwhelming financial burden associated with asbestos-related claims. In re W.R. Grace & Co., No. 01-01139, 01-01140 (D. Del. Bankr.).

The announcement came April 2, after attorneys for the Columbia, Md.-based company filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware.

The Chapter 11 filing includes 61 of Grace's domestic entities. None of the company's foreign subsidiaries is included in the filing.

"This is a voluntary decision that, although very difficult, was absolutely necessary for us. We …