If You Worked Around Gas­kets, Pack­ing, or Equip­ment Con­tain­ing As­bestos

The Gar­lock and Coltec Bank­ruptcy Set­tle­ment May Af­fect Your Rights.

Albuquerque Journal - Parade - - LEGAL NOTICE -

There is a bank­ruptcy in­volv­ing claims about ex­po­sure to as­bestos-con­tain­ing gas­kets, pack­ing, and equip­ment. Gar­lock Seal­ing Tech­nolo­gies LLC, The An­chor Pack­ing Com­pany, and Gar­ri­son Lit­i­ga­tion Man­age­ment Group, Ltd., along with rep­re­sen­ta­tives of as­bestos claimants, have filed a new plan of re­or­ga­ni­za­tion (the “Plan”). Coltec In­dus­tries Inc is also part of the Plan. If claimants ap­prove the Plan, Coltec will merge with a com­pany known as OldCo, LLC, and that com­pany will file a bank­ruptcy case. To­gether, th­ese com­pa­nies are re­ferred to as the “Debtors.” The gas­kets and pack­ing were used in places where steam, hot liq­uid, or acids moved through pipes, in­clud­ing in­dus­trial and mar­itime set­tings. The equip­ment in­cluded com­pres­sors, en­gines, pumps, trans­form­ers, and other equip­ment that may have had as­bestos-con­tain­ing com­po­nents, such as gas­kets or pack­ing. The Coltec-re­lated di­vi­sions or busi­nesses that may have sold as­bestos-con­tain­ing prod­ucts or equip­ment were Fair­banks Morse, Quincy Com­pres­sor, Cen­tral Moloney, Dela­van, France Com­pres­sor, and Far­nam.

Who Is Af­fected by the Bank­ruptcy Case?

Your rights may be af­fected if you: • Worked with or around Gar­lock as­bestoscon­tain­ing gas­kets or pack­ing, Coltec equip­ment with as­bestos com­po­nents, or any other as­bestoscon­tain­ing prod­uct for which Debtors are re­spon­si­ble, or

• Have a claim now or in the fu­ture against the Debtors for as­bestos-re­lated dis­ease caused by any per­son’s ex­po­sure to as­bestos-con­tain­ing prod­ucts. Even if you have not yet been di­ag­nosed with any dis­ease or ex­pe­ri­enced any symp­toms, your rights may be af­fected. The Court has ap­pointed a Fu­ture Claimants’ Rep­re­sen­ta­tive (“FCR”) to rep­re­sent the rights of th­ese fu­ture claimants.

What Does the Plan Pro­vide?

The Plan is the re­sult of a set­tle­ment agree­ment be­tween the Debtors, the FCR, and com­mit­tees rep­re­sent­ing as­bestos claimants against Gar­lock and Coltec (the “As­bestos Claimants Com­mit­tee”). The Plan will es­tab­lish a Trust funded with $480 mil­lion to pay as­bestos claims against Gar­lock and Coltec.

If the Plan is ap­proved, all claims must be filed against the Trust. You will not be able to file claims against the Debtor or pro­tected par­ties.

If you have claims only against An­chor, you are not ex­pected to re­cover any­thing, as that com­pany has no as­sets and will be dis­solved. The Plan replaces a dif­fer­ent plan that was sup­ported by the Debtors and FCR. The Plan pro­vides more guar­an­teed fund­ing for pay­ing as­bestos claims, and also pays claims against Coltec. The As­bestos Claimants Com­mit­tee op­posed the pre­vi­ous plan, but sup­ports the Plan.

Who Can Vote on or Ob­ject to the Plan?

All iden­ti­fi­able as­bestos claimants or their at­tor­neys will re­ceive the “Solic­i­ta­tion Pack­age.” This in­cludes the Plan, Vot­ing Bal­lot, and other in­for­ma­tion. You can vote on the Plan by pro­vid­ing cer­ti­fied in­for­ma­tion about your claim, or mak­ing a mo­tion to vote as de­scribed in the Solic­i­ta­tion Pack­age avail­able on­line or by call­ing the toll-free num­ber.

You will need to vote on the Plan by De­cem­ber 9, 2016.

You may also ob­ject to the Plan and the ad­e­quacy of the FCR’s rep­re­sen­ta­tion of fu­ture claimants, but must do so by De­cem­ber 9, 2016.

Do I Have to File a Claim?

Cer­tain dead­lines for fil­ing as­bestos claims against Gar­lock have al­ready passed.

If you have an as­bestos claim against Coltec based on a dis­ease di­ag­nosed on or be­fore Au­gust 1, 2014, you must cast a bal­lot be­fore De­cem­ber 9, 2016, or else file

a claim by March 24, 2017. If you do not file a claim, you may lose your right to bring your Coltec claim against the Trust in the fu­ture. In­di­vid­u­als di­ag­nosed with dis­ease af­ter Au­gust 1, 2014 do not have to file a claim at this time, but may be able to vote or ob­ject to the Plan. In ad­di­tion, if you have al­ready filed an as­bestos claim against Gar­lock, you do not have to file a sep­a­rate Coltec as­bestos claim.

When Will the Court De­cide on the Plan?

A hear­ing to con­sider confirmation of the Plan will be­gin at 10:00 a.m. ET on May 15, 2017, at the US Bank­ruptcy Court, West­ern Dis­trict of North Carolina, 401 West Trade Street, Char­lotte, NC 28202.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.