Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Rubber Division IEC
    • War in Ukraine
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • ITEC
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • Airless Tires
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • Ask the Expert
    • Healthcare Elastomers Conference
    • Rubber In Automotive Conference
    • Women Breaking the Mold Networking Forum
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
January 16, 2015 01:00 AM

EnPro, Garlock reach agreement with claims representative

Mike McNulty
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    CHARLOTTE, N.C.—EnPro Industries Inc. and subsidiary Garlock Sealing Technologies have reached agreement, which includes a revised plan of reorganization, with the court appointed legal representative of future asbestos claimants.

    If the reorganization plan is approved by the bankruptcy court and implemented, it will provide the expenditures needed to resolve all current and future asbestos claims against GST and subsidiaries Garrison Litigation and Anchor Packing, EnPro said.

    It said the court appointed representative has agreed to support, recommend and vote in favor of the amended plan filed by GST, which provides payments to all claimants with a compensable disease and meaningful contact with GST's asbestos-containing products during the course of their working careers.

    The company estimated that the current, after tax value of the revised plan is about $205 million. It expects an additional pre-tax amount of about $12 million to be paid to non-asbestos creditors and to claimants who prove they have a contractual right to payment of asbestos claims that were settled but unpaid when GST entered into bankruptcy in mid 2010.

    It could take another 15 to 24 months to receive a confirmation on the plan from the court because of continued opposition from the committee representing asbestos claimants, EnPro said. And appeals could delay it even longer.

    Related Articles
    Bankruptcy court clears Garlock Sealing of misconduct
    Investor group acquires Garlock Rubber Technologies
    EnPro to acquire ContiTech unit
    EnPro, Goodyear reach licensing agreement
    Garlock postpones asbestos hearing
    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Synthos to resume butadiene rubber production at German plant in March
    2
    Rubber board urges stabilization of NR prices
    3
    Trelleborg: U.K. investigation of TWS deal ‘normal procedure'
    4
    Michelin's hydrogen partners: 4 things to know about Symbio's stakeholders
    5
    Asahi Kasei settles Michigan PFAS lawsuit, agrees to clean up pollution
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Rubber Division IEC
      • War in Ukraine
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • ITEC
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • Airless Tires
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • Healthcare Elastomers Conference
        • Rubber In Automotive Conference
        • Women Breaking the Mold Networking Forum
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
      • Ask the Expert
    • Advertise
    • DIGITAL EDITION