Asbestos Claimants’ Committee Says Garlock’s Plan Is ‘Pervasively Flawed’
Mealey's (October 12, 2015, 5:09 PM EDT) -- CHARLOTTE, N.C. — Chapter 11 debtor Garlock Sealing Technologies LLC’s plan to reorganize without using Section 524(g) of the U.S. Bankruptcy Code is “a blatant attempt to abuse the bankruptcy process” and should be rejected, the asbestos claimants’ committee in Garlock’s case says in its objections to the plan confirmation filed Oct. 6 in a North Carolina federal bankruptcy court (In re: Garlock Sealing Technologies, LLC, No. 10-31607, W.D. N.C. Bkcy.).