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Leslie Controls asbestos claimants approve plan of reorganization
By Caroline Salls
Pittsburgh, Oct. 12 - Circor International, Inc. wholly owned subsidiary Leslie Controls, Inc. has obtained the asbestos claimant votes needed for approval of its pre-negotiated plan of reorganization, according to a Circor news release.
Specifically, Circor said the percentage of votes cast in favor of Leslie's plan by asbestos claimants "significantly exceeded" the required 75%.
Circor said this is a key step toward Leslie's emergence from bankruptcy.
"This vote of confidence is an important milestone in our effort to permanently eliminate the expenses and risks associated with Leslie's asbestos liability," Circor chairman, president and chief executive officer Bill Higgins said in the release.
"Although objections have been filed by several of Leslie's insurance carriers, we believe these objections are without merit.
"Consequently, we are continuing to target the plan's confirmation and affirmation by the court and Leslie's emergence from bankruptcy for the fourth quarter of 2010."
As previously reported, Leslie's plan of reorganization is intended to permanently resolve the asbestos liability through the creation of a trust under Section 524(g) of the U.S. Bankruptcy Code.
All current and future asbestos claims against Leslie would be channeled to the trust for review and payment, thus providing both Leslie and Circor with permanent court protection from the claims.
Leslie Controls is a subsidiary of Circor, a Burlington, Mass.-based designer, manufacturer and distributor of fluid-control products and services. Leslie filed for bankruptcy on July 12, and its Chapter 11 case number is 10-12199.
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