The decision by the building materials and chemical company was made after State Street Bank and Trust Company, the stock fund’s fiduciary, determined it was no longer consistent with the Employee Retirement Income Security Act (ERISA) for the defined contribution plan to continue to hold all of the shares of Grace common stock currently in the stock fund. The Grace stock fund holds approximately 7.87 million shares of Grace common stock, according to a news release.
Per the decision, State Street has commenced the selling program of Grace shares in the stock fund, and has filed a Form 144 with the US Securities and Exchanged Commission (SEC). It was not divulged how many shares would be sold.
The Columbia, Maryland based company has operated in Chapter 11 bankruptcy since 2001. Grace has over 6,000 employees and operations in nearly 40 countries.