SADDLE BROOK, N.J., April 4, 2001 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE) provided an update today regarding the application filed by W. R. Grace & Co. (Grace) in Grace's pending bankruptcy proceeding in Delaware seeking to stay all actions related to Grace asbestos liabilities in which Sealed Air has been or might be named. The court issued a temporary restraining order halting all actions in which Sealed Air has been or might be named that arise from alleged exposure to asbestos caused by Grace. The order will remain in place pending a hearing on Grace's application for a preliminary injunction extending the stay, which is expected to occur within the month. Fraudulent transfer cases in which Sealed Air has been named are subject to the automatic stay provisions of the bankruptcy code.
These matters relate to the 1998 corporate transaction between Sealed Air and Grace, two independent companies, in which Sealed Air purchased Grace's Cryovac packaging business. When Sealed Air purchased Cryovac in 1998, Grace and its subsidiaries retained all Grace liabilities whether accruing or occurring before or after the transaction, other than liabilities arising from or relating to Cryovac's operations. Neither Sealed Air nor Cryovac has ever produced or sold asbestos-related products.
Sealed Air is engaged primarily in the manufacture and sale of a complementary line of food, protective and specialty packaging materials and systems including such widely recognized brands as Bubble Wrap(r) air cellular cushioning, Jiffy(r) protective mailers and Cryovac(r) food packaging products. To view the Company's latest financial news online via the World Wide Web, visit http://www.cfonews.com/see.
Certain statements made by the Company in this press release are forward-looking statements. These statements include comments as to the Company's beliefs and expectations as to future events and trends affecting the Company's business. These forward-looking statements are based upon management's current expectations concerning future events and trends and are necessarily subject to uncertainties, many of which are outside the control of the Company. The factors stated under the heading "Forward-Looking Statements" in Management's Discussion and Analysis of Results of Operations and Financial Condition, which appears in the Company's Annual Report on Form 10-K for the year ended December 31, 2000, could cause actual results to differ materially from such statements.