Delaware Federal Judge Denies Stay Of Bankrupt Company's Reorganization

Delaware Federal Judge Denies Stay Of Bankrupt Company's Reorganization

WILMINGTON, Del. - Bankrupt asbestos products company Garlock Sealing Technologies LLC failed to show that its appeal of the confirmation of W.R. Grace & Co.'s Chapter 11 plan of reorganization is likely to succeed, and delaying implementation of the plan will harm Grace and people suffering from asbestos-caused diseases who have been waiting more than a decade to receive payments from Grace, a federal judge in Delaware held June 27 in denying Garlock's request to stay his confirmation ruling (In re: W.R. Grace & Co., et al. (Garlock Sealing Technologies LLC, et al. v. W.R. Grace & Co., et al.),  No. 11-199, D. Del.; 2012 U.S. Dist. LEXIS 88887).

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