EnPro Industries Announces Agreement to Delay ACRP Hearing Scheduled for January 6, 2016
Resource from: Business Wire Likes:246
Jan 06,2016
CHARLOTTE, N.C.--(Business Wire)--EnPro Industries, Inc. (NYSE: NPO) today announced that its Garlock Sealing Technologies (GST) subsidiary has agreed with the court-appointed legal representative of future asbestos claimants (the FCR) and the official committee representing current asbestos claimants (the Current Claimants’ Committee) in GST’s Asbestos Claims Resolution Process (ACRP) pending in the U.S. Bankruptcy Court for the Western District of North Carolina to postpone until late February 2016 the hearing in the ACRP originally scheduled to be held on January 6, 2016 and to request similar deferrals of other calendared events in the ACRP, including the confirmation hearing on GST’s second amended plan of reorganization originally scheduled for June 2016. The Bankruptcy Court has approved a postponement of the hearing to a date to be set by the court.
The FCR and the Current Claimants’ Committee have advised GST that they have engaged in negotiations to resolve the terms of claims resolution procedures that would be an integral part of any potential consensual settlement of the ACRP and requested this postponement to continue those negotiations and to include GST in their negotiations. GST agreed to this request as it continues to believe that an agreed settlement with both the FCR and the Current Claimants’ Committee would provide the best path to certainty and finality of the ACRP, provide for faster and more efficient completion of the case, save significant future costs, and allow for the attainment of complete finality. However, there can be no assurance that the current or any future negotiations will result in a settlement among GST and both the FCR and the Current Claimants’ Committee, as prior negotiations have not resulted in an agreement acceptable to all parties.
Neither EnPro nor GST plans to provide any interim updates on the status of negotiations. GST continues to believe that its pending second amended plan of reorganization, which the FCR has agreed to support, can also result in a successful reorganization, without support of the Current Claimants’ Committee and despite the opposition of current asbestos claimants.
(Business Wire)
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