June 21 (Bloomberg) -- W.R. Grace & Co., a bankrupt specialty-chemical maker, asked a judge for permission to make an acquisition from an undisclosed seller.
“The board determined in its business judgment that this proposed transaction would significantly enhance Grace’s business plan and growth strategy in coming years,” the company said in papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.
Grace asked the court to seal documents related to the proposed transaction. Its request “includes a range of highly sensitive subjects that would cause the debtors great harm if it were disclosed to seller and otherwise made public,” Grace said in court papers.
Grace, based in Columbia, Maryland, was among companies that filed multibillion-dollar bankruptcies in 2000 and 2001 in an attempt to limit their financial exposure to hundreds of thousands of asbestos lawsuits. Asbestos particles can lodge deep in the lungs, causing respiratory illnesses and cancer.
The central issue in the Chapter 11 bankruptcy case was the size of the asbestos liabilities faced by the 156-year-old maker of chemicals and construction materials.
The bankruptcy case is In re W.R. Grace, 01-1139, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--With assistance from Steven Church in Wilmington, Delaware. Editors: Stephen Farr, Glenn Holdcraft.
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