Leslie Controls: Bankruptcy court confirms plan of reorganization

By Lisa Kerner

Charlotte, N.C., Oct. 27 - Leslie Controls, Inc.'s plan of reorganization was approved and the order is expected to be signed on Oct. 28, according to an attorney close to the case.

As previously reported, treatment of creditors will include:

• Secured claims will be reinstated;

• Holders of general unsecured claims will have their claims reinstated, and Leslie will pay any required amounts in full;

• Asbestos personal injury claims will be channeled to the trust; and

• Holders of Leslie equity interests will retain those interests, which will become reorganized Leslie common stock. The common stock will be transferred to the asbestos trust until a related promissory note is paid in full.

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 in the U.S. Bankruptcy Court for the District of Delaware, and its Chapter 11 case number is 10-12199.

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