United States District Court, W.D. North Carolina, Charlotte Division
IN RE GARLOCK SEALING TECHNOLOGIES LLC, etal., Debtors.
ORDER APPROVING SETTLEMENT AGREEMENT AND RELEASE BY
AND AMONG THE COLTEC PARTIES, ZURICH AMERICAN INSURANCE
COMPANY, SPX, AND FMPC
considered the "Debtors' Motion for Order Approving
Settlement Agreement With Zurich American Insurance Company,
SPX, and FMPC" (the "Motion"), including the
"Settlement Agreement and Release Among the Coltec
Parties, Zurich, SPX and FMPC" (the "Settlement
Agreement"), which is attached as an exhibit to the
Motion, 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 2 8 U.S .C. § § 1408 and 1409.
and adequate notice of the Motion was provided to necessary
parties in interest, including 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.
Settlement Agreement is the product of arm's length, good
faith negotiations by and among (i) the Coltec Parties, (ii)
Zurich, and (iii) SPX and FMPC.
Coltec Parties' interests in the Scheduled Zurich
Policies are being sold to and transferred to Zurich free and
clear of all Claims and interests in the Scheduled Zurich
Policies held by the Coltec Parties and free and clear of all
Claims by the Coltec Parties that could give rise to a claim
for defense, indemnity, or insurance coverage under the
Scheduled Zurich Policies.
Subject to entry of this order approving the Motion, the
Coltec Parties have agreed to identify Zurich and its parent
corporations, divisions, assigns, predecessors and
successors, and their shareholders, officers, directors,
employees, attorneys, agents and representatives, as Asbestos
Protected Parties pursuant to Sections 7.3.10, 8.2, and
1.1.21(f) of the Plan.
Zurich is a "good faith" purchaser of the Scheduled
Zurich Policies within the meaning of Section 363(m) of the
Bankruptcy Code and is entitled to all the protections of
that section with respect to the Scheduled Zurich Policies.
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 granting the relief sought in the Motion.
Accordingly, it is hereby
ADJUDGED AND DECREED THAT:
Motion is GRANTED in its entirety, and all objections to the
Motion are overruled.
findings of fact set forth above and the conclusions of law
stated herein shall constitute the Court's findings of
fact and conclusions of law pursuant to Bankruptcy Rule 7052,
made applicable pursuant to Bankruptcy Rule 9014. To the
extent any finding of fact later shall be determined to be a
conclusion of law, it shall be so deemed, and to the extent
any conclusion of law shall later be determined to be a
finding of fact, it shall be so deemed.
Settlement Agreement and any agreements, documents, and
instruments executed by agreement of the Parties in
connection with or pursuant to the ...