June 12, 2017 / 3:45 PM / a month ago

BRIEF-Enpro industries says district court approved units’ joint reorganization plan

2 Min Read

June 12 (Reuters) - EnPro Industries Inc:

* EnPro Industries announces District Court approval of subsidiaries’ joint reorganization plan

* EnPro anticipates that, absent any appeals, joint plan will be consummated on or about July 29, 2017

* Joint plan may not be consummated until at least 40 days after date District Court issues its order confirming joint plan​

* Bankruptcy court entered an order confirming joint plan of reorganization of certain of EnPro's subsidiaries

* Court approved settlements with insurance carriers issued policies covering losses associated with product liability claims against Coltec, units

* Consummation of joint plan would effect "substantive conclusion" of asbestos claims resolution proceedings involving GST LLC, co's units

* OldCo estimates that carrier will owe about $11 million in reimbursements over life of asbestos trust for share of Coltec claims

* ‍GST, OldCo are not consolidated with EnPro and its other subsidiaries for financial reporting purposes​‍​

* Order confirming joint plan of reorganization of certain of subsidiaries to resolve their current and future asbestos claims

* OldCo and asbestos trust to be established under joint plan will share equally in any collections above that $6 million amount

* Settlements will not impact consolidated financial results of EnPro for quarter ending June 30, 2017

* District Court approved settlement, Fairbanks Morse Pump successors to pay OldCo $6 million in 3 installments over 9 yrs after consummation

* Beginning on date of consummation, co's financial statements to include sales, income, expenses and cash flows of GST and OldCo

* No new objections were raised at District Court's hearing

* Court approved settlements with insurance carriers that issued policies covering losses associated with claims against Coltec Source text for Eikon: Further company coverage:

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