Leslie Controls tweaks plan to resolve appeals, gets court approval

By Caroline Salls

Pittsburgh, Jan. 18 - Leslie Controls, Inc.'s second "conformed" plan of reorganization was confirmed Tuesday by the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Leslie's plan was initially confirmed in October. Several insurer's appealed that ruling.

The company made changes to the plan to satisfy the insurer appeals, but those changes did not affect the treatment of any creditor claims or equity interests, according to Tuesday's ruling.

The changes were made at the insurers' request in exchange for dismissal of the appeals.

The U.S. District Court for the District of Delaware was expected to review the Section 524(g) asbestos trust aspects of the reorganization plan and consider the insurers' appeals this month.

The filing said the district court remanded the appeals back to the bankruptcy court on Friday.

The bankruptcy court said the district court must still affirm an asbestos personal injury channeling injunction before the plan can take effect.

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, 2010. Its Chapter 11 case number is 10-12199.

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