Valve Defendant Leslie Controls Files for Chapter 11 Bankruptcy

WILMINGTON, Del. -- Leslie Controls Inc. has filed for Chapter 11 Bankruptcy, saying that it has more than 1,000 asbestos claims pending against the company. In re: Leslie Controls Inc., No. 10-12199 (U.S. Bankr. Ct., D. Del.).

The July 12 petition filed in the U.S. Bankruptcy Court for the District of Delaware indicated that Leslie Controls' estimated debts are between $50 and $100 million.

Leslie Controls has been involved in a number of U.S. Navy asbestos cases for its role in supplying asbestos-containing valves to the vessels.

In June, a California appellate court reduced a $35 million judgment entered …