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February 4, 2014
07:35 EDTSEE, GRASealed Air completes settlement of W. R. Grace bankruptcy case
Sealed Air (SEE) announced it has completed the material remaining conditions of the previously disclosed settlement agreement with the committees appointed to represent asbestos claimants in the bankruptcy case of W. R. Grace (GRA). This agreement was approved by order of the U.S. Bankruptcy Court for the District of Delaware on June 27, 2005. Pursuant to the terms of the Settlement agreement, Cryovac, a wholly owned subsidiary of Sealed Air, fulfilled its obligation with payments to asbestos claims trusts in the aggregate amount of $930M cash and 18M shares of Sealed Air common stock. The company said, "We will no longer incur interest on the settlement, which amounted to $48M in 2013. Additionally, we anticipate meaningful cash tax benefits over the next several years that will provide cash that we can use to continue to add value to our business.
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