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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, etal., Debtors.[1]

          ORDER APPROVING SETTLEMENT AGREEMENT AND RELEASE BY AND AMONG THE COLTEC PARTIES, ZURICH AMERICAN INSURANCE COMPANY, SPX, AND FMPC

         Having 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

         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 2 8 U.S .C. § § 1408 and 1409.

         B. Due 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.

         C. The 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.[2]

         D. The 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.

         E. 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.

         F. 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.

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

         H. The legal and factual bases set forth in the Motion establish just cause for granting the relief sought in the Motion. Accordingly, it is hereby

         ORDERED, ADJUDGED AND DECREED THAT:

         1. The Motion is GRANTED in its entirety, and all objections to the Motion are overruled.

         2. The 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.

         3. The Settlement Agreement and any agreements, documents, and instruments executed by agreement of the Parties in connection with or pursuant to the ...


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