High Voltage disclosure statement approved; liquidation plan confirmation hearing June 27

By Caroline Salls

Pittsburgh, May 23 - High Voltage Engineering Corp.'s disclosure statement for its plan of liquidation was approved Monday by the U.S. Bankruptcy Court for the District of Massachusetts.

The plan confirmation hearing is scheduled for June 27.

The plan calls for establishment of a liquidating trust and payment in full of all $46.8 million in claims using about $114 million in cash on hand.

The creditor classes to be paid in full include administrative claims, priority claims, secured claims and general unsecured claims. General unsecured creditors will also be paid interest on their claims, at a rate of 5%.

Surplus funds will be distributed to equity holders.

The liquidating trust will also be funded by any remaining assets, proceeds from causes of action and all beneficiary claims.

High Voltage filed for Chapter 11 on Feb. 8, 2005. Its case number is 05-10787.

The New Kensington, Pa., maker of industrial power control and surface analysis products previously emerged from Chapter 11 on Aug. 10, 2004 under a restructuring that converted its 10½% senior notes to equity in the reorganized company.

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