Leslie Controls: Court order confirms plan; asbestos claims resolved

By Lisa Kerner

Charlotte, N.C., Feb. 8 - Leslie Controls, Inc.'s second conformed first amended plan of reorganization was affirmed, according to a Feb. 8 filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan was initially confirmed in October, but that confirmation was appealed by insurers. Leslie then made changes to the plan, which was confirmed on Jan. 18.

All appeals lodged by Leslie's insurers have been resolved and the amended plan was unopposed, a company news release said.

The confirmation is the last major milestone in Leslie's efforts to permanently resolve its asbestos liability, said Circor chairman, president and chief executive officer Bill Higgins.

Leslie and its parent company, Circor International, Inc., will fund the Section 524(g) asbestos trust established under the reorganization plan once various closing mechanics are satisfied and the plan becomes effective, Circor said.

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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