Leslie Files Ch. 11 Plan To Resolve Asbestos Claims

Law360, New York (July 12, 2010, 4:55 PM EDT) -- Circor International Inc. subsidiary Leslie Controls Inc., a valve manufacturer, filed a prenegotiated Chapter 11 reorganization plan on Monday that would create a trust to deal with mounting asbestos liability claims.

The plan, filed in the U.S. Bankruptcy Court for the District of Delaware, already has the support of a committee of attorneys representing current asbestos claimants of a proposed independent representative of future claimants, Circor said.

The plan calls for Leslie and Circor to contribute $75 million to the asbestos liability trust. Some additional funds...
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