 Photo courtesy Latham International A restructuring plan between Latham International and its senior secured lenders has been approved by a U.S. Bankruptcy Court in Delaware. A restructuring plan between Latham International and its senior secured lenders to reduce the company's long-term debt has been approved by the U.S. Bankruptcy Court in Delaware. In the coming weeks, Latham will emerge from bankruptcy protection with its balance sheet lessened to the tune of $180 million. According to a report in the Times Union, an entity controlled by former senior lenders, including Littlejohn & Co., an investment bank in Greenwich, Conn., are the new owners. Latham will also use a $30-million revolving credit line from the Bank of America for its operations and seasonal working capital. The reorganization plan, along with Chapter 11 petitions incorporating the terms of the debt restructuring agreement, were filed on Dec. 22, 2009. Latham's Canadian-based subsidiaries were not included in the bankruptcy filing. |
