Case filing & court posture: Valves and Controls US, Inc., a non-operational subsidiary of Weir Group PLC managing legacy asbestos liabilities, filed Chapter 11 on July 25, 2025 in the U.S. Bankruptcy Court for the District of Delaware (Case No. 25-11403). Dkt. 1 Judge Thomas M. Horan presides over the matter.
Background & liquidity: The company retains approximately $48 million in cash on hand from a repaid intercompany loan after selling operating assets to First Reserve for $300 million in 2019. The case is self-funded with no external DIP facility required. Approximately 2,632 asbestos claims remain unresolved following exhaustion of prepetition insurance coverage in May 2025.
Restructuring path: The Debtor is working toward establishing a liquidation trust to resolve asbestos claims, with support from approximately 65% of claimants. Dkt. 192 Plan and solicitation exclusivity periods have been extended to March 24, 2026 and May 25, 2026, respectively, with ongoing negotiations with the Official Committee of Unsecured Creditors.
Current administrative status: The court granted first-day relief in July-August 2025 authorizing continuation of bank accounts and retention of key professionals, including Weil, Gotshal & Manges LLP (lead counsel), Cole Schotz P.C. (Delaware counsel), Kroll Restructuring Administration LLC (claims agent and noticing agent), and Scott M. Tandberg (Chief Restructuring Officer). The Official Committee of Unsecured Creditors was appointed on August 14, 2025 and has retained Brown Rudnick LLP and Caplin & Drysdale, Chartered as counsel, plus FTI Consulting, Inc. as financial advisor.
Case status: The case remains active and pending plan confirmation. No plan has been confirmed, and the case has not been closed or converted. Plan negotiations and administrative proceedings are ongoing as of February 2026.