Columbia's W.R. Grace & Co. said Thursday that it will give CEO Fred E. Festa a $1.5 million cash payment, part of a package of "emergence" bonuses in the wake of its exit from a nearly 13-year-long bankruptcy case.

The chemical maker, which filed for Chapter 11 bankruptcy protection in 2001 after asbestos claims against it soared, said its reorganization plan allowed for $6 million in such payments.

Grace emerged from bankruptcy protection Feb. 3. It expects to pay the bonuses in March.

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