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A Settlement has been reached in a bankruptcy involving claims about exposure to asbestos-containing gasket and packing products. Garlock Sealing Technologies LLC, The Anchor Packing Company, and Garrison Litigation Management Group, Ltd. (“Debtors”) have filed a plan of reorganization to restructure their business and pay claims.
The products (with names like Garlock, Blue-Gard, Gylon, and Flexseal) were used in places where steam, hot liquid or acids moved through pipes, including in shipbuilding, oil refinery, chemical, paper and pulp, semi-conductor, power, and construction industries as well as in maritime/naval vessels.
To view the Multimedia News Release, go to http://www.multivu.com/players/English/7476251-garlock-bankruptcy-asbestos/
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.
To view the multimedia release go to:
http://www.multivu.com/players/English/7904751-garlock-coltec-asbestos-bankruptcy/
