Chemical maker W.R. Grace & Co received approval to line up about $1.55 billion in bankruptcy exit financing, Reuters reported yesterday. Grace will use the money to pay all outstanding claims, including $1.1 billion to its lenders, removing the last obstacle to its emergence out of bankruptcy protection. The remaining amount will go towards funding trusts that will be created to pay asbestos-related injury claims, an earlier court filing showed. The company is likely to emerge from bankruptcy on Jan. 31.
