Garlock Seeks Court's OK For Latest Ch. 11 Plan
Law360, New York (May 15, 2017, 5:33 PM EDT) -- Defunct Garlock Sealing Technologies LLC again asked a North Carolina bankruptcy court on Sunday for confirmation of its Chapter 11 plan, saying it’s finally resolved all but one objection to the latest plan after a seven-year-long tug of war with various stakeholders.
Garlock said an objection by two Travelers units is the only thing standing in the way of confirmation, after the bankrupt hydraulic component manufacturer settled two outstanding objections by other insurers earlier in the week.
Under its proposed plan, Garlock will merge with parent company Coltec Industries Inc. and all asbestos-related liability claims, which have dogged Garlock for years,...
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