Garlock Sealing gets shorter-than-requested exclusivity extension

By Caroline Salls

Pittsburgh, Feb. 28 - Garlock Sealing Technologies LLC obtained an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Western District of North Carolina.

The company's exclusive plan-filing period was extended to May 31 from April 1 and the solicitation period to Aug. 1 from May 31.

As previously reported, the company asked the court to extend its filing period to Nov. 28, 2011 and the solicitation period to Jan. 26, 2012.

The court has scheduled a hearing for May 12 for further consideration of the exclusivity extension.

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.

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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