United States District Court, W.D. North Carolina, Charlotte Division
IN RE GARLOCK SEALING TECHNOLOGIES LLC, et al., Debtors.
ORDER APPROVING DEBTORS' SETTLEMENT WITH SPX
CORPORATION AND FAIRBANKS MORSE PUMP CORPORATION
C. Mullen District Court Judge
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
AND DETERMINED THAT:
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.
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.
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").
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
Debtors provided due and adequate notice of the Amended
Amended Settlement Agreement is the product of arm's
length, good faith negotiations by and among the Coltec
Parties and the SPX Parties.
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.
terms of the Amended Settlement Agreement fall within the
range of reasonableness and represent the appropriate
exercise of the Coltec Parties' business judgment.
relief sought in the Motion is in the best interests of the
Debtors, their respective estates, and their creditors.
legal and factual bases set forth in the Motion establish
just cause for ...