U.S. District Court Affirms Chapter 11 Reorganization Plan of CIRCOR’s Leslie Controls Subsidiary
08 February 2011 - 7:00AM
Business Wire
CIRCOR International, Inc. (NYSE: CIR) today announced that the
U.S. District Court for the District of Delaware has affirmed the
U.S. Bankruptcy Court’s confirmation of the amended pre-negotiated
Chapter 11 reorganization plan filed by its wholly owned
subsidiary, Leslie Controls, Inc. CIRCOR also announced that, in
connection with the Bankruptcy and District Court review and
approval, all appeals previously lodged by certain of Leslie’s
insurers have been resolved, and the amended plan was
unopposed.
“This is a great day for Leslie Controls and CIRCOR,” said
CIRCOR Chairman, President and Chief Executive Officer Bill
Higgins. “With District Court affirmation of Leslie’s
reorganization plan and resolution of all pending appeals, we have
now achieved the last major milestones in our effort to permanently
resolve Leslie’s asbestos liability. We are now completing the
formalities necessary for Leslie to legally emerge from bankruptcy.
Leslie is a strong business, key to our strategy in the global
power markets and a critical supplier to the U.S. Navy.”
Leslie and CIRCOR will fund the Section 524(g) asbestos trust
established under the reorganization plan once various closing
mechanics are satisfied and the plan becomes effective, whereupon
Leslie will emerge from Chapter 11 protection. Leslie and CIRCOR
expect these steps to be completed within the next 60 days.
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets
valves and other highly engineered products and subsystems that
control the flow of fluids safely and efficiently in the aerospace,
energy and industrial markets. With more than 7,000 customers in
over 100 countries, CIRCOR has a diversified product portfolio with
recognized, market-leading brands. CIRCOR’s culture, built on the
CIRCOR Business System, is defined by the Company’s commitment to
attracting, developing and retaining the best talent and pursuing
continuous improvement in all aspects of its business and
operations. The Company’s strategy includes growing organically by
investing in new, differentiated products; adding value to
component products; and increasing the development of
mission-critical subsystems and solutions. CIRCOR also plans to
leverage its strong balance sheet to acquire strategically
complementary businesses. For more information, visit the Company’s
investor relations web site at http://investors.circor.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Reliance should not be placed on forward-looking
statements because they involve unknown risks, uncertainties and
other factors, which are, in some cases, beyond the control of
CIRCOR. These statements include, but are not limited to, the
Company’s expectations related to the process and timing for Leslie
Controls’ emergence from bankruptcy. Actual events, performance or
results could differ materially from the anticipated events,
performance or results expressed or implied by such forward-looking
statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR
COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK
FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND
SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE
"INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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