W.R. Grace & Co., Columbia, Md., plans to contribute up to $381.5 million to its 14 defined benefit plans through 2007, pending court approval. The company, which filed for Chapter 11 bankruptcy protection in April 2001, contributed a total of $48.5 million to its pension plans last year, including $40 million in the second half of the year as part of an agreement with company creditors.
The 14 pension plans had $658 million in assets and $741 million in liabilities as of Jan. 1, according to papers filed in U.S. Bankruptcy Court in Wilmington, Del.
According to court papers, the company would contribute up to $20 million this year, $43.9 million in 2005, $143.5 million in 2006 and $194.1 million in 2007. W.R. Grace might also seek court approval to make added contributions during the first half of 2005.
The court will consider the request at an Aug. 23 hearing. W.R. Grace spokesman William Corcoran didn't return a call by press time seeking details.