Sealed Air Corporation (NYSE:SEE) reported today that the Bankruptcy Court in the W. R. Grace bankruptcy entered its recommended findings and order on January 31, 2011, recommending confirmation of Grace's plan of reorganization. The bankruptcy process now proceeds to a review period in which the recommended order and findings may be challenged and appealed and during which several conditions must be satisfied before W. R. Grace's plan of reorganization may become effective.

We will be reviewing the order and findings to ensure that they implement W. R. Grace's plan of reorganization in a manner fully consistent with the terms of our settlement agreement, dated November 10, 2003.

We stand ready to contribute our payment directly to one or more trusts to be established under Section 524(g) of the Bankruptcy Code once the provisions of the settlement agreement are fully met. Our payment includes cash and 18 million shares of common stock. As of December 31, 2010, the total cash payment would have been approximately $788 million, which reflects the principal settlement amount of $512.5 million and $275.5 million of accrued interest, which accrues at 5.5% per annum and is compounded annually. We intend to fund a substantial portion of the payment using available cash with the remainder from our committed credit facilities. The shares are currently recognized in our diluted weighted average number of shares outstanding for our net earnings per common share calculations. Our payment would resolve all current and future asbestos-related, fraudulent transfer and successor claims against us as a result of the Cryovac transaction with W. R. Grace in 1998.

The order and findings are an encouraging step in the W. R. Grace bankruptcy process. We will continue to review plan details, monitor the bankruptcy process and provide updates as necessary.

For more information, please refer to our Q&A document, which can be found on our Investor Relations home page at http://ir.sealedair.com.

Business

For over fifty years, Sealed Air has been a leading global innovator and manufacturer of a wide range of packaging and performance-based materials and equipment systems that now serve an array of food, industrial, medical, and consumer applications. Operating in 51 countries, Sealed Air's international reach generated revenue of $4.5 billion in 2010. With widely recognized brands such as Bubble Wrap® brand cushioning, Jiffy® protective mailers, Instapak® foam-in-place systems and Cryovac® packaging technology, Sealed Air continues to identify new trends, foster new markets, and deliver innovative solutions to its customers. For more information about Sealed Air, please visit the Company's web site at www.sealedair.com.

Forward-Looking Statements

Sealed Air has provided certain forward-looking statements in this press release. Forward-looking statements can be identified by such words as "anticipates," "expects," "will" and similar expressions. A variety of factors may cause actual results to differ materially from these expectations, including future developments in the W. R. Grace bankruptcy proceedings and other regulatory and legal matters. For more extensive information, see "Risk Factors" and "Cautionary Notice Regarding Forward-Looking Statements," which appear in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as they may be revised and updated by our Forms 10-K, 10-Q and 8-K.

Sealed Air Corporation
Amanda Butler, 201-791-7600