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(ICIS) -- US speciality chemicals producer
WR Grace raised its earnings predictions for 2011 on Tuesday as the company
mulled an end to more than a decade of bankruptcy proceedings. The company
expects to record earnings before interest and tax (EBIT) of USD 465m–480m (EUR
326m–336m) in 2011, it said in its second-quarter earnings report, released on
Tuesday. This marks a significant increase from the USD 365–385m it forecast in
an earlier outlook for 2011, published in February.
The company wants to exit Chapter 11 bankruptcy proceedings “as quickly
as practicable” after making a presentation to the Bankruptcy Court for the
District of Delaware on 28–29 June, according to the report. Grace filed to
reorganise under US bankruptcy laws in April 2001 because of concerns over
thousands of asbestos-related legal claims filed against the firm.
mrcplast.com
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