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In re Garlock Sealing Technologies LLC

United States District Court, W.D. North Carolina, Charlotte Division

June 12, 2017

IN RE GARLOCK SEALING TECHNOLOGIES LLC, et al., Debtors.[1]

          ORDER APPROVING DEBTORS' SETTLEMENT WITH SPX CORPORATION AND FAIRBANKS MORSE PUMP CORPORATION

          Graham C. Mullen District Court Judge

         Having considered the "Debtors' Motion for an Order Approving Settlement Agreement With SPX Corporation and Fairbanks Morse Pump Corporation" (the "Motion"), and the "Amended and Restated Settlement Agreement Among the Coltec Parties, SPX, and FMPC" (the "Amended Settlement Agreement") and any objection to the Motion, it is hereby

         FOUND AND DETERMINED THAT:

         A. The Court has jurisdiction over the Motion under 28 U.S.C. §§ 157 and 1334. This matter is a "core proceeding" under 28 U.S.C. § 157(b)(2). Venue of this bankruptcy case and the Motion in this district is proper under 28 U.S.C. §§ 1408 and 1409.

         B. Due and adequate notice of the Motion has been provided in substantial compliance with the Bankruptcy Rules and local rules and Orders of this Court, including, without limitation, to designated representatives of GST Asbestos Claimants and Coltec Asbestos Claimants, and a reasonable opportunity to object or be heard with respect to the Motion and relief requested in the Motion and in this Order has been provided to all parties in interest.

         C. On May 22, 2017, the Coltec Parties and the SPX Parties entered into the Settlement Agreement Among the Coltec Parties, SPX and FMPC (the "Settlement Agreement").

         D. After the Debtors filed the Motion, the Debtors received certain informal objections to the Settlement Agreement. To address and resolve such objections, the Coltec Parties and the SPX Parties agreed to certain amendments to the Settlement Agreement, and these parties executed the Amended Settlement Agreement which is attached as Exhibit A to the Debtor's Notice of Amended and Restated Settlement Agreement with SPX Corporation and Fairbanks Morse Pump Corporation.

         E. The Debtors provided due and adequate notice of the Amended Settlement Agreement.

         F. The Amended Settlement Agreement is the product of arm's length, good faith negotiations by and among the Coltec Parties and the SPX Parties.[2]

         G. Subject to entry of this order approving Motion and the other conditions to effectiveness described in the Amended Settlement Agreement, the Coltec Parties have agreed to identify SPX, Pentair, and FMPC as Asbestos Protected Parties pursuant to Sections 7.3.10 and 1.1.21(f) of the Joint Plan.

         H. The terms of the Amended Settlement Agreement fall within the range of reasonableness and represent the appropriate exercise of the Coltec Parties' business judgment.

         I. The relief sought in the Motion is in the best interests of the Debtors, their respective estates, and their creditors.

         J. The legal and factual bases set forth in the Motion establish just cause for ...


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