EnPro Industries Completes Restructuring of Coltec Subsidiary

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EnPro Industries said Monday that a corporate restructuring of its Coltec subsidiary has been completed. Shares declined 2% intraday.

As planned, Coltec merged with and into a new indirect subsidiary of EnPro called OldCo and OldCo, as the successor to Coltec, filed a pre-packaged Chapter 11 bankruptcy petition with the Bankruptcy Court on Jan. 30.

The company said in a statement a joint plan of reorganization remains subject to approval by the bankruptcy court and the U.S. District Court for the Western District of North Carolina and, if so approved, would permanently resolve all current and future asbestos claims against its subsidiaries Garlock Sealing Technologies and Coltec/OldCo.It would also protect EnPro and its subsidiaries from those claims, according to a company statement.

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