(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.
MRC