3rd Circ. Nixes Challenge To WR Grace Reorganization Plan

Law360, New York (July 24, 2013, 4:12 PM EDT) -- The Third Circuit ruled Wednesday that Garlock Sealing Technologies LLC lacked standing to challenge the reorganization plan of bankrupt chemicals manufacturer W.R. Grace & Co., saying Garlock cannot prove the plan denies it from asserting possible future asbestos contribution claims against Grace.

A three-judge panel of the Third Circuit affirmed a Delaware federal court decision upholding an earlier ruling by the bankruptcy court that Garlock lacked standing to block the reorganization plan, rejecting Garlock’s contention that it would be injured by the plan because it would...
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