EnPro Industries has agreed to establish a $480 million trust fund to settle all current and future asbestos claims against subsidiary Garlock Sealing Technologies, which filed for bankruptcy in 2010. The asbestos trust fund would begin with a $400 million cash contribution from EnPro within a year of the deal’s conclusion and an additional $80 million by the first anniversary. The settlement was reached with the court-appointed committee representing current claimants and legal representatives for future claimants, according to the announcement earlier this week. The deal still must be approved by the U.S. Bankruptcy Court, the U.S. District Court, and by 75 percent of the current claimants spread across the U.S. The bankruptcy court previously rejected the first reorganiza...
from MedWorm: Mesothelioma http://medworm.com/index.php?rid=170792892&cid=c_409_55_f&fid=36962&url=http%3A%2F%2Fwww.asbestos.com%2Fnews%2F2016%2F03%2F18%2Fgarlock-enpro-480-million-settlement-asbestos-claims%2F
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