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District court denies W.R. Grace plan confirmation order stay request
By Caroline Salls
Pittsburgh, July 11 - The U.S. District Court for the District of Delaware has denied a motion to stay its amended order confirming W.R. Grace & Co.'s plan of reorganization, according to a July 10 filing.
District court judge S.J. Buckwalter said Garlock Sealing Technologies, LLC "filed what appeared to be a reconsideration motion" after the court originally confirmed W.R. Grace's plan in January 2012.
The district court granted Garlock's reconsideration request and gave it the opportunity to once again have its objections heard in May.
On June 11, the district court filed an amended order, once again confirming the joint plan. Buckwalter said the amended opinion "dedicated approximately thirty pages to Garlock's objections."
"Despite finding that Garlock lacked standing to object to the joint plan, the court nonetheless discussed Garlock's arguments on the merits in extensive detail, concluding that its substantive objections were unfounded," Tuesday's ruling said.
Garlock subsequently asked the court to stay the amended opinion and order it from taking effect pending an appeal to the Third Circuit.
According to Tuesday's ruling, Garlock has not proven that it is likely to succeed on the merits of its appeal, that it will be irreparably harmed if a stay is not granted, that imposition of a stay "will not substantially injure other parties in the litigation" and that the requested stay is in the public interest.
W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 01-01139.
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