Leslie Controls' disclosure statement gets bankruptcy court approval

By Lisa Kerner

Charlotte, N.C., Aug. 19 - Leslie Controls, Inc.'s disclosure statement was approved by the U.S. Bankruptcy Court for the District of Delaware at a hearing on Thursday, according to an attorney close to the case.

The plan confirmation hearing is set for Oct. 12, the attorney said.

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, and its Chapter 11 case number is 10-12199.

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