CHARLOTTE, N.C., May 27, 2015 /CNW/ -- The following is being released by the law firm of Robinson Bradshaw & Hinson:
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.
Rights may be affected for individuals who:
- Worked with or around Garlock asbestos-containing gaskets or packing, or any other asbestos-containing 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 individuals have not yet been diagnosed with any disease or experienced any symptoms, their rights may be affected. The Court has appointed a Future Claimants' Representative ("FCR") to represent the rights of these future claimants. Future claimants do not need to file a claim at this time.
The Plan is the result of a settlement agreement between the FCR, the Debtors, and the Debtors' parent company. The Plan proposes to use $357.5 million to pay, in full, all pending and future asbestos claims against Garlock and Garrison. If necessary, up to $132 million in additional funding will be provided. If the Plan is approved, individuals will no longer be able to file claims directly against the Debtors or affiliated companies. If individuals have claims only against Anchor, they are not expected to recover anything, as that company has no assets and will be dissolved.
Individuals must file a claim by October 6, 2015, if they:
- Have a claim against Garlock or Garrison based on an asbestos-related injury diagnosed on or before August 1, 2014,
- Have not settled with the Debtors, and
- Filed a lawsuit against any other defendant or a claim against any asbestos trust as of August 1, 2014.
If they do not file a claim, they may lose the right to bring a claim 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.
All identifiable asbestos claimants or their attorneys will receive the "Solicitation Package". This includes the Plan, Voting Ballot, and other information. If an individual has not filed a claim yet, they can vote on the Plan by providing certified information about their claim, or making a motion to vote as described in the Solicitation Package available online or by calling the toll-free number.
Individuals will need to vote on the Plan by October 6, 2015. The FCR will support and vote to accept the Plan on behalf of the future claimants. Individuals may also object to the Plan and the adequacy of the FCR's representation of future claimants by October 6, 2015.
A hearing to consider confirmation of the Plan will begin at 10:00 a.m. ET on June 20, 2016, at the US Bankruptcy Court, Western District of North Carolina, 401 West Trade Street, Charlotte, NC 28202.
Please visit the website, www.GarlockNotice.com for more information and important documents.
SOURCE Robinson Bradshaw & Hinson, Counsel to Debtors
For further information: Richard C. Worf, 704-377-8135, [email protected]