NEW YORK (Reuters) – Latham International, which makes swimming pools and parts such as liners, steps and ladders, said on Friday that a bankruptcy court approved a debt restructuring plan that will put the company into the hands of its lenders.
Latham said it expects to come out of bankruptcy during the next few days.
The Latham, New York, company filed for bankruptcy in December in Delaware with a so-called prearranged plan in place that had the backing of the lenders that will now own it, including Littlejohn & Co, a private equity firm in Greenwich, Connecticut.
The company said that it had lined up a $30 million credit facility from Bank of America. and that it had cut its debt by 90 percent, or $180 million, through bankruptcy.
(Reporting by Caroline Humer, editing by Gerald E. McCormick)