CHARLOTTE, N.C.--(BUSINESS WIRE)--EnPro Industries, Inc. (NYSE: NPO) today announced that on February 1,
2017 the U.S. Bankruptcy Court for the Western District of North
Carolina (the “Bankruptcy Court”) announced its decision to enter an
order approving the previously announced settlement agreement (the
“Canadian Settlement Agreement”) with workers’ compensation boards for
each of the ten Canadian Provinces to resolve current and future
asbestos claims. The Bankruptcy Court presides over the asbestos claims
resolution proceedings involving EnPro’s subsidiaries, Garlock Sealing
Technologies LLC (“GST”), Garrison Litigation Management Group, Ltd. and
OldCo, LLC, the corporate successor to Coltec Industries Inc (“Coltec”).
An agreement for the settlement regarding these Canadian claims has been
a condition to EnPro, Coltec and GST’s obligations to proceed with the
March 2016 comprehensive settlement (the “Comprehensive Settlement”)
reached with the court-appointed committee representing current asbestos
claimants, the court-appointed legal representative of future asbestos
claimants in GST’s asbestos claims resolution process pending in the
Bankruptcy Court, and representatives for current and future asbestos
claimants against Coltec. As contemplated by the Comprehensive
Settlement, GST and Coltec have filed a modified joint plan of
reorganization (the “Joint Plan”) with the Bankruptcy Court. The terms
of the Canadian Settlement Agreement, which was announced by EnPro on
November 19, 2016, provided that it would not be effective unless the
Bankruptcy Court entered an order approving it or concluding that
Bankruptcy Court approval is not necessary for the EnPro parties to the
Canadian Settlement Agreement that are not debtors under the Joint Plan
to enter into and consummate the agreement.
The Joint Plan remains subject to approval by the Bankruptcy Court and
the U.S. District Court for the Western District of North Carolina (the
“District Court”). The Canadian Settlement Agreement further provides
that it is not binding on any of the EnPro parties unless and until the
effective date of the Joint Plan shall have occurred.
Forward Looking Statements
Statements in this press release that express a belief, expectation or
intention, as well as those that are not historical fact, are
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. They involve a number of risks and uncertainties
that may cause actual events and results to differ materially from such
forward-looking statements. These risks and uncertainties include, but
are not limited to: the risk that the Joint Plan may not obtain
necessary approval by the Bankruptcy Court or the District Court,
uncertainties related to pending and potential future objections to the
Joint Plan, including with any changes to the Joint Plan implemented in
the resolutions of such objections, the actions and decisions of
creditors, insurers and other third parties that have an interest in the
bankruptcy proceedings, the terms and conditions of any reorganization
plan that is ultimately approved by the Bankruptcy Court, including any
changes to the Joint Plan implemented in the resolutions of objections,
delays in the confirmation or consummation of the Joint Plan, risks with
respect to the timing of the completion of the restructuring, and risks
and uncertainties affecting the ability to fund anticipated
contributions under the Joint Plan as a result of adverse changes in
results of operations, financial condition and capital resources,
including as a result of economic factors beyond EnPro’s control.
EnPro’s filings with the Securities and Exchange Commission, including
the Form 10-K for the year ended December 31, 2015 and Form 10-Q for the
period ended March 31, 2016, describe other risks and uncertainties.
Except as may be required by law or as expressly undertaken in this
press release, EnPro does not undertake to update any forward-looking
statement made in this press release to reflect any change in
management's expectations or any change in the assumptions or
circumstances on which such statements are based.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer
and filament wound bearings, components and service for reciprocating
compressors, diesel and dual-fuel engines and other engineered products
for use in critical applications by industries worldwide. For more
information about EnPro, visit the company’s website at http://www.enproindustries.com.
