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Sealed Air completes definitive settlement pact for asbestos claims

November 12, 2003
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According to Dow Jones Business News, Sealed Air Corp., completed and signed a definitive settlement agreement for asbestos-related claims in the W.R. Grace & Co., bankruptcy proceeding. Asbestos claimant groups are seeking to recover the value of asset transfers Grace made in 1998 to combine its Cryovac packaging business with Sealed Air. The asbestos groups say the transfers were done when Grace was insolvent to place some businesses beyond the reach of asbestos-related and other creditors. In a press release Tuesday, Sealed Air said the definitive settlement agreement is consistent with the agreement in principle reached in November 2002, when the packaging materials company agreed to pay $512.5 million cash, plus 9 million shares to settle the asbestos-related claims. Under the settlement, all payments, including cash and stock, are to be made in full on the effective date of the W. R. Grace plan of reorganization The settlement provides protection against all current and future W. R. Grace- related asbestos claims and fraudulent transfer claims. The definitive settlement agreement will be submitted to the court for approval as part of the W. R. Grace bankruptcy proceeding.
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