EnPro completes joint plan of reorganization of subsidiaries
EnPro Industries announced that on July 31 the joint plan of reorganization of certain of EnPro's subsidiaries, including Garlock Sealing Technologies, to resolve their current and future asbestos claims was consummated and became effective. Consummation of the Joint Plan, which was confirmed by the U.S. District Court for the Western District of North Carolina on June 12 effects the substantive conclusion of the asbestos claims resolution process involving GST and EnPro subsidiaries, Garrison Litigation Management Group, The Anchor Packing Company and OldC, the successor by merger to Coltec Industries. Under the Joint Plan, EnPro retained ownership of GST and OldCo and, upon the effectiveness of the Joint Plan, each of these subsidiaries became free to operate its respective business and use, acquire, and dispose of its respective property free of any restrictions of the United States Bankruptcy Code in all respects as if there were no pending cases under any chapter or provision of the U.S. Bankruptcy Code, except for obligations under the Joint Plan, the documents under the Joint Plan and the District Court's confirmation order. As a result, GST and OldCo have been reconsolidated with EnPro for financial reporting purposes as of July 31.