High Voltage obtains court approval of plan of liquidation

By Jennifer Lanning Drey

Eugene, Ore., July 10 - High Voltage Engineering Corp. obtained court approval of its plan of liquidation, according to a Monday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

The liquidation 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.

In addition to cash on hand, the liquidating trust will 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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