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Latham International plans to exit bankruptcy in next few days
By Caroline Salls
Pittsburgh, Jan. 22 - Latham International, Inc. plans to emerge from Chapter 11 bankruptcy within the next few days with a stronger balance sheet, according to a company news release.
As previously reported, the company's pre-packaged plan of reorganization was confirmed Thursday by the U.S. Bankruptcy Court for the District of Delaware.
As a result of the restructuring, Latham said it has eliminated more than $180 million from its balance sheet, which represents a roughly 90% reduction in the amount of the company's pre-bankruptcy debt.
"When we emerge from Chapter 11, Latham will have a much healthier balance sheet, which will improve our ability to take advantage of the strength of our operations in order to further grow our market leading position," chief executive officer Mark P. Laven said in the release.
Upon its emergence, Latham will be owned by an entity controlled by some of its former senior lenders, including private investment firm Littlejohn & Co.
In addition, Latham has received a commitment from Bank of America for a $30 million revolving credit facility, which will be undrawn at emergence and available to provide funding for the company's operations and seasonal working capital needs.
"Now that we have finalized our debt restructuring and strengthened our balance sheet, we can utilize our resources to make the necessary investments to improve and grow our business even further," Laven said in the release.
Latham, a Latham, N.Y., manufacturer of in-ground swimming pool components and pool accessories, filed for bankruptcy on Dec. 22. The Chapter 11 case number is 09-14490.
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