Nearly four years into its chapter 11 bankruptcy, Garlock Sealing Technologies Inc. has started the paperwork to get out of it, the Rochester (N.Y.) Democrat & Herald reported on Saturday. The Palmyra, N.Y.-based maker of industrial gaskets and seals on Thursday filed a proposed reorganization plan in bankruptcy court. That 347-page document spells out how the company proposes to wrap up all the myriad asbestos-related personal-injury claims that caused it to file for bankruptcy in June 2010. The company, as well as parent company EnPro Industries, are proposing a $275 million trust fund, split over two accounts, to handle any current and future claims against Garlock.
