EnPro Industries Announces Agreement to Delay ACRP Hearing Scheduled for January 6, 2016
By Business Wire News
EnPro Industries, Inc. (NYSE: NPO) today announced that its Garlock Sealing Technologies (GST) subsidiary has agreed with the court-appointed legal representative of future asbestos claimants (the FCR) and the official committee representing current asbestos claimants (the Current Claimants’ Committee) in GST’s Asbestos Claims Resolution Process (ACRP) pending in the U.S. Bankruptcy Court for the Western District of North Carolina to postpone until late February 2016 the hearing in the ACRP originally scheduled to be held on January 6, 2016 and to request similar deferrals of other calendared events in the ACRP, including the confirmation hearing on GST’s second amended plan of reorganization originally scheduled for June 2016. The Bankruptcy Court has approved a postponement of the hearing to a date to be set by the court.
The FCR and the Current Claimants’ Committee have advised GST that they have engaged in negotiations to resolve the terms of claims resolution procedures that would be an integral part of any potential consensual settlement of the ACRP and requested this postponement to continue those negotiations and to include GST in their negotiations. GST agreed to this request as it continues to believe that an agreed settlement with both the FCR and the Current Claimants’ Committee would provide the best path to certainty and finality of the ACRP, provide for faster and more efficient completion of the case, save significant future costs, and allow for the attainment of complete finality. However, there can be no assurance that the current or any future negotiations will result in a settlement among GST and both the FCR and the Current Claimants’ Committee, as prior negotiations have not resulted in an agreement acceptable to all parties.
Neither EnPro nor GST plans to provide any interim updates on the status of negotiations. GST continues to believe that its pending second amended plan of reorganization, which the FCR has agreed to support, can also result in a successful reorganization, without support of the Current Claimants’ Committee and despite the opposition of current asbestos claimants.
Forward Looking Statements
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk and uncertainty that any consensual settlement can be agreed upon by GST, the FCR and the Current Claimants’ Committee, the risk that GST may be unable to obtain necessary Bankruptcy Court approval of the second amended plan or any plan resulting from a consensual settlement, the actions and decisions of creditors and other third parties that have an interest in the bankruptcy proceedings, the terms and conditions of any reorganization plan that is ultimately approved by the Bankruptcy Court, delays in the confirmation or effective date of a plan of reorganization due to factors beyond GST’s control, and risks and uncertainties affecting the ability of GST, EnPro and EnPro’s Coltec Industries subsidiary to fund anticipated contributions under a reorganization plan as a result of adverse changes in their results of operations, financial condition and capital resources, including as a result of economic factors beyond their control. EnPro’s filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2014 and Form 10-Q for the period ended September 30, 2015, describe other risks and uncertainties. Except as may be required by law, EnPro does not undertake to update any forward-looking statement made in this press release to reflect any change in management’s expectations or any change in the assumptions or circumstances on which such statements are based.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company’s website at http://www.enproindustries.com.
EnPro Industries, Inc.
Director, Investor Relations and Corporate Communications