Garlock Sealing wants additional time to file plan, solicit support

By Lisa Kerner

Charlotte, N.C., Jan. 27 - Garlock Sealing Technologies LLC requested a 240-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Western District of North Carolina.

The company wants to extend its exclusive plan-filing period to Nov. 28 from April 1, and the solicitation period to Jan. 26, 2012 from May 31.

According to Garlock, a central task in its Chapter 11 cases "is to measure the projected cost of resolving present and future mesothelioma claims, which the parties agree are the debtors' principal liability."

The debtors "have every confidence at this stage in the proceedings that they will be able to propose a viable plan," the filing said.

Garlock also cited the size and complexity of its cases in requesting the extension.

Previously the court extended the company's exclusive plan-filing period to April 1 from Oct. 3 and the solicitation period to May 31 from Dec. 2.

Garlock is a subsidiary of Charlotte, N.C.-based EnPro Industries, Inc., which makes sealing products, bearings, compressors and engines. Garlock filed for bankruptcy on June 5, 2010 and its Chapter 11 case number is 10-31607.

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