Please read if You Used or Were Exposed to Joint Compound/Joint Cement or other Asbestos-Containing Products Made, Distributed or Sold by United Gilsonite Laboratories (UGL)
NEWARK, N.J., Oct. 8, 2014 /PRNewswire/ -- The following statement is being issued by Gibbons P.C. regarding the In re: United Gilsonite Laboratories case.
NOTE: Please consult United Gilsonite Laboratories' Chapter 11 website at www.gcginc.com/cases/ugl, the Helpline at (888) 425-7006 or the Claims and Balloting Agent referenced below to obtain additional information about the matters covered by this Notice.
On March 23, 2011, United Gilsonite Laboratories (the "Debtor") filed a voluntary petition for relief under chapter 11 of the United States Code, 11 U.S.C. Section 101 et seq. (the "Bankruptcy Code"), in the United States Bankruptcy Court for the Middle District of Pennsylvania (the "Bankruptcy Court"). The purpose of the Debtor's chapter 11 case is to, inter alia, provide for the resolution of all existing and future asbestos-related personal injury and wrongful death claims against the Debtor pursuant to Section 524(g) of the Bankruptcy Code.
A plan of reorganization for the Debtor called the Modified First Amended Plan of Reorganization of United Gilsonite Laboratories Under Chapter 11 of The Bankruptcy Code (the "Plan") has been filed with the Bankruptcy Court. The Plan is supported by the Official Committee of Unsecured Creditors and the Future Claimants' Representative. Capitalized terms used but not defined in this notice have the meanings given in the Plan. Individuals or entities holding Trust Claims, which includes claims for asbestos-related personal injury or wrongful death, may vote to accept or reject the Plan by November 21, 2014. The Bankruptcy Court then will consider whether to confirm (approve) the Plan at a hearing on December 8, 2014. If you have a Trust Claim against the Debtor, you should carefully read this notice and take all necessary steps to protect your rights.
1. Disclosure Statement and Solicitation and Voting Procedures.
A detailed document describing the Plan, called the Disclosure Statement, and voting materials to be used for voting on the Plan, approved by the Bankruptcy Court on September 30, 2014, together with a copy of the Plan itself, were mailed to known holders of Trust Claims against the Debtor or their lawyers. You should read the Plan and the Disclosure Statement carefully for details about how the Plan may affect your rights.
2. Important Plan Provisions:
A. Trust Claims
The Plan provides for a channeling injunction issued under Section 524(g) of the Bankruptcy Code, applicable to all persons and entities, that results in (i) the permanent channeling of all Trust Claims to the Trust for resolution, and (ii) a permanent injunction enjoining holders of Trust Claims from taking any action with respect to such Trust Claims against an Asbestos Protected Party. See the Plan and the Disclosure Statement for the specific terms and conditions of the Trust and the Channeling Injunction. Proof of an Asbestos Personal Injury Claim or an Indirect Asbestos Personal Injury Claim does not have to be filed with the Bankruptcy Court at this time.
B. Settled Asbestos Claims
The Debtor has identified on Exhibit J to the Plan the holders of asbestos-related personal injury claims who executed settlement and release agreements with one or more of the Debtor's insurers prior to the Petition Date. Only those claimants identified on Exhibit J to the Plan are holders of Settled Asbestos Claims (as such term is defined in the Plan) and will be entitled to a Distribution on the Effective Date of the Plan, payable solely from the UGL Shareholder Cash Contribution, in an aggregate amount not to exceed $2.2 million.
3. Special Plan Voting Procedures for Holders of Trust Claims.
The Order Approving Disclosure Statement and Solicitation Procedures issued by the Bankruptcy Court describes who can vote on the Plan and how to vote. The Disclosure Statement contains information that will help you decide whether to vote on the Plan if you are entitled to do so. Lawyers for holders of Trust Claims may vote on the Plan on behalf of their clients if authorized by their clients. If you are unsure whether your lawyer is authorized to vote on your behalf, please contact your lawyer. Your legal rights may be affected whether or not you vote on the Plan. To be counted, a Ballot voting on the Plan must be received by The Garden City Group, Inc., the Claims and Balloting Agent, by 5:00 p.m. (prevailing Eastern Time), on November 21, 2014 (the "Voting Deadline"). BALLOTS RECEIVED AFTER THE VOTING DEADLINE WILL NOT BE COUNTED.
BALLOTS WILL NOT BE ACCEPTED BY THE CLAIMS AND BALLOTING AGENT BY TELECOPY, FACSIMILE OR OTHER ELECTRONIC MEANS, INCLUDING EMAIL.
4. Confirmation Hearing Date and Objection Deadline.
A hearing to confirm the Plan (the "Confirmation Hearing") will commence at 10:00 a.m. (prevailing Eastern Time) on December 8, 2014, before the Honorable Robert N. Opel II, United States Bankruptcy Judge, in the United States Bankruptcy Court For the Middle District of Pennsylvania, 274 Max Rosenn U.S. Courthouse, 197 South Main Street, Wilkes-Barre, PA 18701. You may attend the hearing, but are not required to do so. If you want to object to the Plan, objections must be submitted in writing and received no later than November 21, 2014 at 4:00 p.m. (prevailing Eastern Time) to be considered. Objections should be filed with the Clerk of the Bankruptcy Court at the address listed above and served upon Gibbons P.C., One Gateway Center, Newark, NJ 07102-5310, Attn: Mark B. Conlan, Esq.
5. Additional Information. Additional Information about the Plan, the Disclosure Statement and the Trust (including copies of the Plan and the Disclosure Statement), may be obtained by contacting the Claims and Balloting Agent at (888) 425-7006 or [email protected] or by visiting the Debtor's Chapter 11 website at www.gcginc.com/cases/ugl. You may also wish to contact your attorney.
THE CLAIMS AND BALLOTING AGENT IS NOT AUTHORIZED TO PROVIDE, AND WILL NOT PROVIDE, LEGAL ADVICE.
SOURCE Gibbons P.C.
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