Garlock Pledges To Pay Off Asbestos Claims In Ch. 11 Plan
By Amanda Bransford (November 30, 2011, 5:57 PM EST) -- Sealing product manufacturer Garlock Sealing Technologies LLC on Monday submitted a Chapter 11 exit plan to a North Carolina bankruptcy judge, promising to pay roughly 100,000 asbestos injury claims that have burdened the company.
The fluid sealing product manufacturer filed a reorganization plan and a disclosure statement outlining the company's intention to pay allowed asbestos claims from Garlock's own resources.
"The company has property that substantially exceeds the costs necessary to resolve and pay in full all colorable [Garlock] asbestos claims," the disclosure statement said.
Under the plan, people who have permitted claims for suffering from the illness pleural mesothelioma caused...
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